• Shiba Inu’s burn portal has gained massive traction as 12 billion SHIB have been destroyed to date. 
  • Proponents have noted a rise in whale accumulation of Shiba Inu. 
  • Analysts reveal a bullish outlook on the Dogecoin-killer and anticipate a bull rally. 

Shiba Inu’s burn portal has destroyed 12 billion SHIB within 48 hours after its launch. Proponents believe that reducing the token’s circulating supply could drive prices higher. 

Shiba Inu price on track to break out

Shiba Inu price has remained influenced mainly by the rise in the number of SHIB being put out of circulation and its accumulation by large wallet investors. Proponents have witnessed a rise in this trend as whales on the Ethereum network scoop up tokens through every dip. 

The news of the launch of Shiba Inu’s burn portal was accompanied by a massive purchase of nearly 70 billion SHIB. According to data from Whale Stats, the top 1,000 largest wallet addresses on the Ethereum network now hold $1.37 billion worth of Shiba Inu tokens, constituting 11% of their holdings. 

Shiba Inu is now one of the most significant assets in these whales’ portfolio after USDC and USDT. 

Interestingly, whales’ recent buying spree is accompanied by massive amounts of SHIB tokens being burnt. Influencers in the Shiba Inu community, like @MajesticDrama, have burnt their entire holdings and challenged investors in the community to do the same to drive prices higher. 

The burn portal has fueled a frenzy among market participatns to get rid of their Shiba Inu and reap RYOSHI rewards. More than 12 billion Shiba Inu tokens worth $277,680 were pulled out of circulation within 48 hours of the portal’s launch. 

Analysts are bullish on Shiba Inu price and predict a rally. Akash Girimath, a leading crypto analyst at FXStreet, observed a bullish fractal in the Shiba Inu chart. The trader argues the price trend is similar to August-September 2021 when SHIB ended its consolidation and started an uptrend. Shiba Inu appears to be collecting liquidity and could climb to $0.00038. 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content

Recommended Content

Editors’ Picks

Will the ApeCoin price fall to $2 this summer

Will the ApeCoin price fall to $2 this summer

ApeCoin price shows incoming sell-off signals on the final day of June. It is best to wait  for a breach of the invalidation level before counter-trend trading the Ethereum-based NFT Token.

More ApeCoin News

Cardano price has fallen beneath $0.45, here’s what to expect in July

Cardano price has fallen beneath $0.45, here’s what to expect in July

Cardano price has breached through the 8- and 21-day moving averages. ADA price falls in free-fall fashion printing consecutive bearish candlesticks on the four-hour chart. Invalidation of the bearish downtrend is a breach above the 21-day moving average currently positioned at $0.50.

More Cardano News

Shiba Inu price shows concerning signals, who will conquer the trend?

Shiba Inu price shows concerning signals, who will conquer the trend?

Shiba Inu price shows concerning signals on the Volume Profile indicator. SHIB price coils within the 8- and 21-period simple moving averages. Invalidation of the downtrend is a breach above $0.00001223.

More Shiba Inu News

XRP Price Prediction: Whales in the market aim for $0.20

XRP Price Prediction: Whales in the market aim for $0.20

Millions of XRP tokens have been transported to the Bitstamp exchange. Ripple’s XRP price has breached below a critical Fibonacci Retracement tool.

More Ripple News

Bitcoin: Everything you need to know about BTC 200-week MA

Bitcoin: Everything you need to know about BTC 200-week MA

Bitcoin price has gone through turbulent times over the last few months. From reaching a new all-time high to hitting yearly lows and revisiting levels since 2020, the crypto markets have been extremely volatile.

Read full analysis