Shiba Inu burn portal is gaining traction with 12 billion tokens burned
Shiba Inu has been stuck in a sideways trading range below the $0.000035 level since the start of 2022. While this may seem daunting for investors, it could be a catalyst for further price movement. As Shiba Inu enthusiasts continue to eye $0.001 as a possible price target, here are two things that could trigger SHIB’s next price move.
Shiba Inu burn portal is gaining traction with 12 billion tokens burned
As covered by U.Today, the recently launched Shiba Inu burn portal is gaining immense traction.
As reported on the official SHIB Twitter account, a whopping 8 billion tokens were burned just 24 hours after its creation as SHIB owners burned their tokens en masse. As noted on the burnshibaswap website, scarcity (created by burning) can increase the price of tokens, benefiting investors, but it is not always guaranteed.
Shiba Inu also announced that any project can use the Shiba Burn Smart Contract in order to create a “BURN Pool” and to offer rewards for burning SHIB tokens, thus opening up users and projects associated with SHIB burns to benefit.
Currently, 12 billion SHIB tokens have been burned since the portal began operations on Sunday. Participants also earn current annualized returns of 9% at the time of writing.
Whales are buying
Earlier today, Shiba Inu printed several large red hourly candles, dropping 5.59% on the Binance exchange. Now, SHIB is trading at $0.0000235, giving whales another good opportunity to buy the dip.
As reported by WhalesStats, Ethereum whale “Bombur” whale bought a total of 51,799,991,288 Shiba Inu worth $1,178,967. Shiba Inu once again became the largest token in USD value for whales.
On Saturday, U.Today covered that fifth-ranked ETH investor “BlueWhale0073” grabbed another massive lump of Shiba Inu—86,679,001,529 tokens worth $2,111,500 at the exchange rate on the day of the acquisition. Previously in April, this investor bought a whopping 1.17 trillion Shiba Inu.
