Shiba Inu, Chainlink, and Ethereum holdings on exchanges have declined. Top whale wallets of Shiba Inu [SHIB], Chainlink [LINK], and Ethereum [ETH] on major cryptocurrency exchanges have significantly reduced since May 27th. As per Santiment, a blockchain analytics platform. the holdings of SHIB have dropped by 2.4%, LINK by 2.9%, and ETH by 8.6%. This movement is being closely monitored by traders and analysts for potential bullish indicators for these crypto assets.
The top 10 exchange wallets on the Shiba Inu, Chainlink, and Ethereum networks, respectively. Since May 27th, their holdings have shrunk by: SHIB: -2.4% LINK: -2.9% ETH: -8.6%. Decreasing exchange supplies should be considered a good sign for bullish traders.
A drop in holdings on exchanges is typically viewed as a bullish signal by traders as it suggests that investors are moving their holdings off exchanges and into personal wallets, potentially to hold them for a longer period. This could lead to a decrease in supply on exchanges, which could drive the price up. However, it is important to note that this is just one factor that can affect the price of the token. It is crucial to do thorough research considering other factors such as market dynamics, regulatory developments, etc.
Shiba Inu’s Burn Update Amid Volatile Week
Recently, Shiba Inu hogged the limelight for its blistering burn rate. The popular meme coin smashed records with a whopping burn rate of 3000% sending over 230 million SHIB tokens to the vaults of dead wallets. The latest data indicates that the burn rate has picked up steam after a brief period of cooling. In the past 24 hours, there have been a total of 110,885,723 SHIB tokens burned and 7 transactions.
The dog-themed coin has implemented a burning mechanism to reduce the total number of tokens in circulation, which could theoretically drive the price up. Over the past week, SHIB’s price has been a roller coaster ride jumping 30% from June 6 to June 9. Since then, the price has retraced back and is currently sitting at $0.00002132.