Shiba Inu: Whale Movements Surge 2300% Amid Price Surge

Oct 25, 2023 | News

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Shiba Inu: Whale Movements Surge 2300% Amid Price Surge

Recent data from IntoTheBlock reveals a remarkable surge in whale activity within the Shiba Inu (SHIB) cryptocurrency ecosystem. Over the weekend, SHIB whales notably added a staggering 4.52 trillion SHIB tokens to their wallets, marking a remarkable 2300% increase in comparison to the preceding Friday. In contrast, the outflow of tokens from whale accounts saw a significant decline. On Friday, 281.83 billion SHIB tokens left whale wallets, whereas this figure decreased to 29.13 billion over the weekend.

These whale movements coincide with an overall bullish sentiment in the cryptocurrency market. SHIB’s price has demonstrated a 2.6% increase in the weekly charts and a 2.2% rise in the past 24 hours.

Despite this increased activity, Shiba Inu (SHIB) continues to grapple with a challenging burn rate. According to Shibburn, SHIB’s burn rate stands at -35.99%, with approximately 18 million tokens being destroyed in the last 24 hours.

The question on many investors’ minds is whether Shiba Inu will continue its rally. Currently, the crypto markets appear to be tracking Bitcoin (BTC), and if Bitcoin continues its upward trajectory, SHIB may follow suit. The ongoing bullish sentiment in the market could be attributed to “Uptober,” a play on the word October, which has historically been a favorable month for cryptocurrencies. Furthermore, investors may be turning to cryptocurrencies as a hedge against potential disruptions in traditional stock markets, driven by escalating tensions between Israel and Hamas.

Another contributing factor to the market’s optimism may be the anticipation of a Bitcoin bull run in the near future. Bitcoin is scheduled to undergo its halving event in April 2024, historically a bullish occurrence. Additionally, there is a strong possibility of a spot Bitcoin ETF (Exchange Traded Fund) being launched in the United States, which further enhances Bitcoin’s attractiveness as an asset.

Despite the recent price surge, Shiba Inu (SHIB) still trades with five zeros after the decimal point. While it briefly shed one zero in early May, it has faced challenges in maintaining this price level. The journey of this popular dog-themed memecoin continues to captivate the cryptocurrency community.

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