Shiba Inu Sees Surge In Whale Activity, Will This Affect SHIB?
November 07 2023 - 4:00PM
NEWSBTC
Recent data has revealed that Shiba Inu has experienced a
significant surge in whale transactions following a recent whale
transaction of a whopping 4.43 trillion SHIB tokens. This has since
caused quite a stir in the cryptocurrency space. Shiba Inu
Experiences Surge In Whale Activity According to data, Shiba Inu
has been exhibiting astounding whale transactions over the past 24
hours amid the latest actions taken by the SHIB community to
increase token support. Currently, the total inflows of SHIB
tokens held by major holders are at an impressive 7.84 trillion
SHIB. This indicates a significant 48.48% increase in inflows from
these major holders over the past 24 hours. What makes this surge
so impressive is the fact that the numbers were 410.21 billion SHIB
tokens. The recent numbers present a spectacular 1,911.2% increase
in SHIB held by the major holders. The Shiba Inu’s surge in whale
activity came just after a recent whale activity from an unknown
wallet involving approximately 4.43 trillion SHIB tokens. Related
Reading: Shiba Inu Update: 530% Spike In Shibarium Metric Could
Trigger SHIB Recovery According to data from Whale Alert, the
unknown wallet 0x8d14cc60…6e5c7e24dc, transferred the 4.43 trillion
SHIB tokens, currently valued at approximately $35.82 million, to
another unknown wallet, 0x3ba943c7…225e6dabee. The alleged
transaction is said to have occurred in a freshly created wallet,
with just two transactions being carried out in the wallet in 12
hours. In addition, the Amsterdam-based cryptocurrency exchange
Bitvavo, a centralized crypto exchange, also sent trillions of SHIB
tokens to the same alleged wallet. Whales’ large SHIB hoarding is
increasing at the same time as the token’s remarkable price
movement. The price of SHIB spiked sharply in tandem with this wave
of large-scale Shiba Inu token transactions. SHIB price has since
experienced a significant 20% surge in recent weeks. Currently, the
price of SHIB is sitting at $0.0000082, slowly gaining momentum at
a critical point of $0.0000084, marking the highest price level the
token has seen since August. If the token can surpass this critical
point, it might pick up speed and eventually reach $0.00001 and
beyond. This is because the last time this happened was back in
July; according to historical data, the price of SHIB experienced a
significant 37% surge after this happened. So far, crypto experts
are particularly curious about the recent wave of large
transactions involving SHIB tokens. These wallet-to-wallet
transfers ignite optimistic sentiment in the colossal crypto
market. Shibarium Sparks Price Growth The achievements of Shiba Inu
layer 2 blockchain Shibarium have always had a positive impact on
the price of SHIB. The blockchain milestones have caused quite a
hype in the Shiba Inu ecosystem, which could bolster SHIB’s growth
past its current price of $0.0000082. Related Reading: Avengers
Assemble: Shiba Inu Lead Dev Issues Call To Influencers To Push
SHIB Growth The adoption rate of Shibarium will only increase as
more SHIB holders become familiar with its advantages. These
include reduced costs and quicker transaction times.
Concurrently, several events have suggested that SHIB’s price will
continue to rise, such as the recently launched Shib Name Service
(SNS) and Shibdentity. Featured image from The Cryptonomist, chart
by Tradingview.com
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