Whale Activity Spikes As Shiba Inu Preps For Shibarium Launch
August 02 2023 - 9:00PM
NEWSBTC
Shiba Inu, a cryptocurrency that originated as a meme but has now
solidified its market presence, is making waves with the
‘Shibarium’ launch on the horizon. Data from IntoTheBlock
reveals that the crypto’s whales – entities holding large
quantities – have shifted billions of SHIB tokens in the past 24
hours. This vast movement of funds coincides with an increase in
Shiba Inu’s large transaction volume, reaching roughly 1.13
trillion SHIB. It appears that large-scale investors are making
their moves in anticipation of the cryptocurrency’s next big
announcement, which is likely to be the Shibarium launch. Related
Reading: Shiba Inu Price Prediction: Is Shibarium The Key To A
Trend Reversal? Whales And Burn Rates – Shiba Inu Active Market The
metric of large transaction volumes serves as a key indicator,
offering a snapshot of the activities carried out by prominent
players, often called ‘whales,’ within the crypto ecosystem during
a specific timeframe. This measure mainly provides valuable
insights into the magnitude of transactions made by these
influential participants on any given day, reflecting their
potential impact on the market dynamics. IntoTheBlock defines large
transactions as transfers exceeding $100,000. And as it stands, the
recent activity shows increasing movements on the Shiba Inu market,
with whales adjusting their holdings. Simultaneously, there has
been a significant uptick in the burning of SHIB tokens, doubling
in the past 24 hours. According to data from Shibburn, a
platform solely for tracking Shiba Inu burn activities, over 62
million SHIB tokens have been eliminated from circulation in the
past day, increasing the total SHIB burn rate by 220% over the same
period. Notably, this deliberate reduction of available tokens is a
strategy often used in the crypto sphere to create scarcity and
potentially drive up the value of the remaining tokens in the long,
in this case, the price of SHIB. The Shibarium Anticipation The
recent activity among SHIB’s largest holders may be connected to
the upcoming Shibarium launch. Bitcoin advocate Davinci Jeremie has
recently expressed his bullish sentiment on X (formerly known as
Twitter), stating, “Big things are happening for Shib looking
forward to [seeing] what happens.” Related Reading: Shibarium Hype:
Shiba Inu Whales Boost Appetite, Snag 1 Trillion SHIB Tokens
Further fuelling the anticipation, the official SHIB account on X
also hinted at the community with a post featuring a cheerful
expression of a Shiba Inu dog. However, the specifics of what these
“big things” could be remain uncertain, further stoking the fires
of curiosity and excitement among the Shiba Inu investors. GM
#SHIBARMY pic.twitter.com/bC60SaRx4L — Shib (@Shibtoken) August 2,
2023 However, as the curtain rises on the next chapter for Shiba
Inu, the recent flurry of whale activity and the increased burn
rate underline a market bracing for impact. Whether the coming
changes propel SHIB to new heights or steer it down another path is
a story that remains to be written. Meanwhile, Shiba Inu token SHIB
has seen quite a retrace in the past 24 hours following a more than
5% increase over the past 7 days. At the time of writing, SHIB
trades for $0.00000817 down by 1.1% in the past 24 hours. Featured
image from Unsplash, Chart from TradingView
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