Shiba Inu Remains Steady, Despite Major Market Activity
April 15 2023 - 8:13AM
NEWSBTC
Shiba Inu, the popular meme-inspired token, continues to trade at a
steady range, despite major activity in the market over the past
two weeks. As of this writing, Shiba Inu (SHIB) is valued at a
price of $0.00001123, tallying a 3.4% increase in the past two
weeks, according to data from CoinGecko. However, it is worth
noting that the token has been experiencing a slight 0.98% decline
in the last 24 hours. Top Shiba Inu Whale Dumps Token According to
Etherscan.io data, the 29th-largest Shiba Inu whale dumped a
staggering 538 billion SHIB over the course of 12 days in five
significant transactions. In a selling spree that kicked off on
April 2nd, the whale sold 20 billion SHIB (worth $2.25 million) in
one transaction. This huge sale was followed by an additional 100
billion SHIB and 88 billion SHIB on April 5 and April 7,
respectively. Four days later, the whale disposed of another 72
billion SHIB valued at $812,880. Finally, in a transaction executed
nearly 48 hours from press time, this individual sold off an
additional 78 billion SHIB (worth approximately $880k). Despite the
relentless sell-off, this Shiba Inu whale still owns a staggering
3.59 trillion SHIB – valued at about $40.31 million. So, it remains
to be seen whether the dump will continue or cease. Related
Reading: Whale Adds 378.74 Billion Shiba Inu In 3 Days, Good Time
To Buy The Dip? Stable Market Condition Not Affected By Massive
Burn Numbers The burn numbers in the first half of
April have been tremendous, with over 1.52 billion SHIB burned in
the past 24 hours. This represents a staggering 45237.78% increase
in the token’s burn rate. The Shiba Inu community collectively set
fire to these tokens through 12 different transactions, most of
which were carried by a mysterious wallet, Koyo (KOY). However, the
cryptocurrency’s price has not been reflective of its increasing
SHIB burn rate. Despite the positive trend, which also saw nearly 7
billion SHIB tokens burned in March, the value of the coin is not
reaching expectations. On the Shiba Inu Telegram channel, a
particular member expressed their frustrations at the failure of
the SHIB price to move up – as expected. In response, Shytoshi
Kusama – the lead developer of SHIB – called the meme coin an
exciting investment for swing traders. According to him, following
the recent surge in BTC and ETH prices, many traders are expecting
the altcoin season to begin soon, which would likely also benefit
the SHIB price. Additionally, Kusama mentioned that the burns are
still too low to make any significant impact on the value of Shiba
Inu. While the SHIB burn numbers sound pretty outstanding, they are
much less remarkable when converted to fiat. For example, the
record-breaking 1.52 billion SHIB burned in the past day was worth
just $17,070. Compared to the coin’s total circulating supply of
589,536,819,759,861 SHIB, only 0.000258% of all circulating SHIB
tokens were burned in the last 24 hours. This explains why the
price of Shiba Inu has remained stable despite significant market
activity. SHIB trading at $0.00001123 | Source: SHIBUSD chart on
TradingView Related Reading: Shiba Inu Community Destroys 35
Million SHIB, Will It Shift The Momentum? Featured image from
Dreamstime.com, chart from TradingView
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