- The Shiba Inu cryptocurrency is making waves as 1.75 trillion SHIB coins are purchased and the coin is poised for a breakout.
- In the past month, 1.6 billion SHIB coins have been burned, reducing the total circulating supply.
- However, it’s important to note that most of these coins were lost due to investors mistakenly sending them to the contract address.
Shiba Inu (SHIB) sees a massive purchase of 1.75 trillion coins as it eyes a bullish breakout. Meanwhile, 1.6 billion SHIB coins were burned in the past month, most of them lost due to transaction errors.
1.75 trillion SHIB purchased as coin eyes breakout
An anonymous wallet has scooped up two enormous chunks of SHIB coins, each containing 875,000,000,000 SHIB. This totals to 1.75 trillion SHIB meme coins valued at $39.2 billion at the time of the transactions. This massive purchase has sparked speculation about a potential bullish breakout for the meme coin.
Analyst predicts bullish breakout for SHIB
Ali Martinez, a popular cryptocurrency trader and analyst, has predicted a major bullish breakout for SHIB. According to Martinez, SHIB is forming a bull flag on the daily trading chart and is aiming to reach the $0.000072323 level. Over the last 24 hours, SHIB has attempted to surge by more than 9%, reaching $0.00002314. However, a subsequent decline took it back to $0.000002182, down 5.68%.
1.6 billion SHIB scorched in past month, here’s nuance
In April, the Shiba Inu community managed to reduce the total circulating SHIB supply by burning a whopping 1,695,717,536 SHIB. This was achieved through 204 transactions that locked these coins in unspendable blockchain wallets. However, it’s important to note that most of these burns were not intentional. Investors mistakenly sent these tokens to the contract address, resulting in their permanent loss.
Conclusion
The recent massive purchase of SHIB coins and the reduction in the total circulating supply due to burns have sparked interest in the meme coin. However, investors should exercise caution and double-check destination wallets before transacting to avoid losing their investments.
