Shiba Inu drops 10% on Coinbase as the burn of 10T suggests a 5X rebound
Shiba Inu has experienced a significant price drop following major whale activity on Coinbase. At the same time, discussions about reducing the supply of the cryptocurrency to 10 trillion tokens suggest a potential massive rebound. The recent movements of the Shiba Inu coin and its burn mechanisms could lead to substantial changes in the price prediction of SHIB, currently making it one of the most talked-about cryptocurrencies.
The price of Shiba Inu falls 10% on Coinbase; a supply cut of 10 trillion could trigger a 5-fold rebound.
An impressive amount of 56.3 billion SHIB tokens, worth approximately $686,652, was transferred from Coinbase Prime to an unidentified wallet in a single transaction. The transfer of the dog-themed memecoin represents one of the largest moves in recent cryptocurrency activity and was executed through Coinbase's professional custody service.
The supply reduction could boost the Shiba Inu rebound
Currently, 51,623,421,025 has a total supply of 589.25 trillion tokens, a figure lower than the original 1 quadrillion. Community members are pushing for more token burns to reduce the cryptocurrency supply to 10 trillion tokens, which could drastically affect SHIB's price prediction models.
