Shiba Inu Burns 83M Tokens As Whales Buy The Dip

Shiba Inu has had a rough start to August, with prices sliding into the red. Despite the early losses, on chain data shows a sharp spike in the token burn rate. Over 83 million tokens were sent to dead wallets recently, taking supply out of circulation and tightening the available pool for traders.

At the same time, large holders are treating the price drop as a buying opportunity. Market data points to significant whale accumulation during the recent dip. When big investors step in while supply drops, it often sets the stage for a strong price rebound if buying pressure continues.

Traders are now watching key support and resistance levels to see if SHIB can turn momentum around. If the burn rate stays high and whales keep adding to their bags, a sharp breakout could be just around the corner. Keep an eye on daily trading volume for confirmation.