Shiba Inu (SHIB) Poised for Major Recovery as Whale Activity Surges
cryptoknowmics.com + 1 more 19 July 2024 04:00, UTC Whale Activity Peaks
According to market intelligence platform IntoTheBlock, whales have been actively trading SHIB, with 3.45 trillion tokens moved on July 16 alone. Even the lowest recent daily volume was a substantial 854.29 billion tokens on July 11. This trend aligns with a broader rebound in the crypto market, indicating that whales are positioning themselves for potential gains.
Potential for Price Surge
The increased whale activity could drive Shiba Inu’s price above the crucial $0.00002 level. Once this resistance is breached, SHIB could quickly ascend to $0.000024, given that only 74 trillion tokens were acquired around this price range. Whales’ continued accumulation could absorb any selling pressure, facilitating further price increases.
Burn Rate Boost
The Shiba Inu burn rate has spiked by over 870% in the last 24 hours, with 8.7 million tokens burned. Over the past week, 85 million SHIB tokens have been incinerated. These burns reduce the circulating supply, potentially driving up the token’s value as demand rises.
Shibarium and Future Prospects
The upcoming launch of the SHIB marketplace on the Shibarium network is expected to further boost activity. Shibarium plans to use a portion of transaction fees to buy and burn SHIB, enhancing the token’s scarcity. As these developments unfold, Shiba Inu could see significant price movements and enter a new phase of growth. Stay tuned for more updates as Shiba Inu continues to attract attention and investment from the crypto community. Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
