A mysterious whale has taken action to reduce the circulating supply of Shiba Inu (SHIB). Accompanied by tons of whale-burning tokens, the bulls are chasing opportunities for higher highs.
Whale Anonymous makes serious efforts to reduce SHIB supply
An anonymous wallet has burned 309.50 and 97.54 sHIB in two different transactions in the last two days. Thus, over 168 million Shiba Inu (SHIB) tokens have been removed from circulation forever in the last 24 hours. The mysterious whale continues to burn millions of SHIBs with every transaction. The wallet has burned a total of 407.04 million SHIB in the last two days.
According to Shibburn.com, another 168,824,571 Shiba Inu (SHIB) have been sent to “inferno” addresses in 13 separate transactions in the past 24 hours. The address named Inferno is the black hole where the sent tokens leave the single circulation forever. After the transactions in the last days, the total token burned reached 410.37 trillion.
In the past 24 hours, there have been a total of 168,824,571 $SHIB tokens burned and 33 transactions. Visit https://t.co/t0eRMnzx3T to view the overall total of #SHIB tokens burned, circulating supply, and more. #shibarmy
— Shibburn (@shibburn) August 26, 2022
Whale burnt 309 million Shiba Inu
Etherscan.io data confirms that the mysterious wallet, which came to life on August 23, 2022, burned 309.50 million SHIB in 6 separate transactions. cryptocoin.comAs you follow, the mystery wallet has burned a total of 97.54 million Shiba in two transactions in the last 24 hours.
In the first transaction, the mystery wallet destroyed 48.56 million SHIB. A few hours later, the same wallet made another transaction. Later, another process deleted 48,978,264 SHIB forever. On August 23, the mystery wallet sent 111.63 million SHIB to the dead wallet in two separate transactions. On August 24, the wallet completed two more transactions, permanently removing 100.31 million SHIB from circulation.
Bulls accompany whale purchases
Shiba isn’t painting a rosy picture today as it has wiped out nearly all of the backlog gains as of Thursday. The risk now is that the price action will start a decline towards $0.00001209. Because the monthly R1 pivot is not of great historical relevance. It has also been tested quite frequently in the past few days. Another drop is when the price reaches roughly $0.0001209 for the 55-day SMA to help.
If SHIB price fails to find support at $0.00001209, it will see the bulls lose more strength. If this support is eroded, Shiba Inu price will easily gain momentum below $0.00001000. FXStreet analyst Filip expects the price to reach $0.00000965 just below the monthly S1 later. This would mean a 28% loss from where the SHIB price is currently trading.
Monthly R1 resistance will likely not provide support. However, the analyst says that Shiba could easily reach $0.00001209, especially given that the 55-day SMA has some validity and could push the price action upwards. An alternative bullish scenario is for the price to first recover from the MA with a break above $0.00001500 before Shiba price reaches $0.00001708 and prints 27% of the gains in the process.
