Shiba Inu Whales Move 4.8 Trillion SHIB to Wallets as Price Surges

Shiba Inu (SHIB) has recently deleted a zero from its price, which it gained in August of this year. The token’s price has surged 9.1% in the weekly charts and 17.9% over the previous week. SHIB had struggled for most of this year, but the project seems to be gaining momentum lately.

Source: CoinGecko

The latest price surge could be due to three massive burns undertaken by the SHIB team. About $1.2 million worth of tokens went to the dead wallet over three days. The tokens were from fees collected on the Shibarium network.

Also Read: Shiba Inu: $100 Weekly Investment Since Peak is Worth This Much

The price surge has also led to whales moving tokens into their wallets. According to the data from IntoTheBlock, large holders’ inflow has surged by 375%.

On the other hand, the outflow from large wallets decreased by 60.4% to 835.9 billion SHIB tokens.

Source: IntoTheBlock


The movement of tokens away from exchanges and into wallets is a bullish sign as it reduces sell pressure in the market.

Will Shiba Inu (SHIB) continue its rally?

Shiba Inu
Source – ZyCrypto

SHIB has faced a 1.8% correction in the daily charts. Moreover, the token is down 0.6% in the last 14 days. However, burns have subsided since the $1.2 million burn. According to SHIB’s burn tracker, burns have dropped by almost 61%.

According to Changelly, Shiba Inu (SHIB) may gain a zero after its decimal point in late December. SHIB’s price has struggled to gain momentum in 2023 despite a significant layer-2 network launch. Moreover, the token’s adoption has not increased as much as investors and fans would like.

Also Read: Shiba Inu: Here is How High SHIB Prices Can Reach In 2024

However, SHIB is still one of the most popular crypto projects and may see a price surge during the next bull run, which many analysts predict will occur in 2024.

  • shiba inu

Comments

Post a Comment

Popular posts from this blog

STX Hits 52-Week High! Ascending Channel Points to Bullish Trajectory

Image
Stacks (STX) soars 8.74% in 24 hours, hitting a 52-week high at $2.06, riding the crypto wave. STX’s rise is attributed to Bitcoin optimism and its role as a layer 2 solution. Technical analysis points to a bullish trend, aiming for $2.6, but watch out for potential corrections at $1.6. Stacks (STX) has continued its upward trajectory, with its price recently reaching a 52-week high of $2.06, marking an 8.74% increase in just 24 hours. This surge is part of a broader trend that has seen the cryptocurrency gain 749% over the past year. Market analysts attribute this impressive performance partly to the growing optimism surrounding the potential approval of a spot Bitcoin ETF, which could further galvanize the cryptocurrency sector. STX/USD 24-hour price chart (source: CoinStats ) During the bull rally, STX’s market capitalization and 24-hour trading volume surged 9.45% and 24.95%, to $2,852,664,529 and $715,025,179, respectively.  Stacks as a...
Read more

XAI tanks by 20% after airdrop and Binance listing

Image
The layer-3 gaming token fell by more than 20% after an airdrop and Binance listing on Jan. 9. According to CoinGecko, the layer-3 gaming token Xai has fallen by more than 22% in 24 hour trading. The current price of the token is $0.5231. X rate fell sharply just a day after reaching an all-time high on Jan. 9, in which the price of the coin was $0.7734. Source: CoinGecko The token price collapse occurred shortly after Xai held its first major gaming token airdrop in 2024. According to the Xai Foundation, it offered 125 million XAI tokens (or 5% of the total token supply) to eligible users, including holders of certain Xai NFTs and those operating gatekeeper nodes or validators that help support the network. Dear Xai Community, As we approach the XAI token claim, it's crucial to stay vigilant against potential scams. Please carefully read and follow these guidelines: Official Contract CLAIM Address: The ONLY legitimate $XAI airdrop claim contract address is… — XA...
Read more

Bitcoin Price Prediction: MicroStrategy Boosts BTC Ownership To 1% Of Supply As This Eco-Friendly Alternative Soars Towards $7 Million

Image
The Bitcoin price gained slightly in the last 24 hours to trade at $63,857.08 as of 9:05 a.m. EST as investors tentatively accumulate the crypto. During BTC’s 12% correction over the past 7 days, MicroStrategy bought another 9,245 bitcoins for $623 million in cash between Mar. 11 and Mar. 18, according to a Mar. 19 statement . Following this latest purchase, the company’s total BTC holdings stand at 214,246 BTC, which is more than 1% of the crypto’s total supply of 21 million coins. The Bitcoin Price Bounces Off Of A Key Support 4-hour chart for BTC/USDT (Source: TradingView ) The Bitcoin price rebounded off of the $61,481.65 support level in the last 12 hours. Should bulls continue to push the market leader’s price higher, it may attempt to reclaim a position above $65,847.29 in the coming 48 hours. A 4-hour candle close higher than this significant price point could then give BTC the foundation needed to keep climbing. In this more bullish scenario, th...
Read more