A recent 5% price decline in Shiba Inu has led to a buying frenzy among whales, who have snapped up a massive quantity of SHIB tokens. One prominent whale invested a staggering $18.44 million in SHIB, acquiring 715.9 billion tokens. This significant purchase has generated considerable buzz in the cryptocurrency community.

Data from IntoTheBlock reveals a substantial sell wall at $0.000026, which has been hindering Shiba Inu's price growth. At this level, 64,320 addresses sold off their holdings, increasing selling pressure and leading to a price correction. Consequently, SHIB has retreated below the $0.000026 level, relinquishing most of its recent gains.

Despite this minor bearish trend, the Shiba Inu burn rate has experienced a remarkable surge, captivating the community's attention. Within 24 hours, the burn rate skyrocketed by 3900%, eliminating 4.03 million SHIB tokens from circulation. This substantial burn was initiated by a single wallet address, highlighting the community's collective effort to reduce SHIB's circulating supply.

In conclusion, Shiba Inu whales have taken advantage of the price drop to accumulate a vast amount of SHIB tokens. The significant burn rate surge underscores the community's commitment to reducing the token's circulating supply, which may impact its future price movements. This development has sparked interest in the cryptocurrency community, with many watching to see how Shiba Inu's price will respond to these changes.