Shiba Inu Whales Snap up 5.58 Trillion SHIB in Single Day, Fueling Bullish Momentum
Shiba Inu (SHIB) whales are showing no signs of slowing down their accumulation spree, as data from crypto analytics platform IntoTheBlock reveals that large whale transactions accounted for a staggering 73.72% of the total within a 24-hour period. In just one day, Shiba Inu whales managed to acquire a whopping 5.58 trillion SHIB, equivalent to a staggering $145.48 million in value. This aggressive buying activity has propelled Shiba Inu to become one of the most heavily traded tokens by whales this week.
These hefty transactions, categorized as those involving a minimum value of $100,000, underscore the increasing allure of Shiba Inu among deep-pocketed investors. With over 5.5 trillion tokens absorbed, a supply crunch has been introduced into the ecosystem, potentially bolstering the ongoing bull rally witnessed in recent days.
Nevertheless, concerns loom over the entire Shiba Inu protocol, as the price surge of SHIB wavered after a promising 10% spike in a single day, surpassing the 50-day EMA. This turn of events has raised questions and cast doubt on the sustainability of the rally, according to multiple sources.
As of the time of writing, Shiba Inu is currently trading at $0.00002612, experiencing a modest 2.72% increase within the past 24 hours. The token has been making intensified efforts to break above its current price range and potentially aim for the $0.00007 high. These efforts have been supported by its aggressive burn rate and the rapid growth of Shibarium transactions.
While Shiba Inu is arguably moving in tandem with the broader market, closely tracking its slower pace, market observers believe that the token may experience a breakout in the long run. Investors remain keenly focused on the trajectory of the digital currency, hoping to capitalize on its potential future growth.