Shiba Inu Whales Accumulate 5.58 Trillion SHIB in 24 Hours
Table of contents
Massive Accumulation of SHIB Tokens
In terms of volume, whales acquired a staggering 5.58 trillion SHIB, valued at approximately $145.48 million. This significant acquisition places Shiba Inu among the most traded tokens by whales this week. Whale transactions are defined as those worth at least $100,000, highlighting the substantial financial power behind these trades.
The accumulation by whales introduces a supply crunch into the Shiba Inu ecosystem, potentially sustaining the bull rally that SHIB has experienced over the past few days.
Current Market Performance and Challenges
Despite these large transactions, the overall picture for the Shiba Inu protocol is complex. SHIB's price has experienced significant fluctuations, soaring by as much as 10% in a single day and surpassing the 50-day EMA. However, its inability to maintain this upward momentum has raised concerns among analysts.
As of now, Shiba Inu is priced at $0.00002612, marking a 2.72% increase in the past 24 hours. The token has been striving to break above its current price range and move towards the $0.00007 mark. This effort is supported by an aggressive burn rate and growing transactions on the Shibarium network.
Outlook and Market Expectations
Shiba Inu appears to be aligning with broader market trends, showing a slower pace of growth in tandem with the combined market movements. Despite the current challenges, there are expectations for a potential breakout in the long term. The intense whale activity and strategic deflationary measures could pave the way for sustained growth.
Shiba Inu's recent whale transactions and strategic initiatives suggest potential for significant market movement. Investors and analysts will be closely watching to see if these efforts can propel SHIB to new heights.