In a recent development, an unidentified investor made headlines by acquiring a staggering 4 trillion Shiba Inu (SHIB) tokens. This substantial transaction, valued at $42 million, stands out as the most significant individual SHIB purchase recorded in December. What sets this apart is the unconventional nature of the transaction, as it circumvented traditional cryptocurrency exchanges and occurred directly between wallets. The news first surfaced through Whale Alert, a cryptocurrency wallet tracker, which promptly reported the noteworthy token transfer on X (formerly known as Twitter).
Shift in Shiba Inu Market Trends as 4 Trillion Tokens Get Acquired by Whale Investor
Adding an intriguing layer to this story is the Shiba Inu team’s recent confirmation regarding Shibarium, their layer two network. Starting January 2024, Shibarium will initiate SHIB token burns. This revelation introduces a strategic element to the whale investor’s move, suggesting a calculated bet on the potential impact of these burns. Should Shibarium successfully execute token burns on a significant scale annually, it has the potential to substantially influence the token’s overall value.
As of the latest update, SHIB is trading at $0.00000964, reflecting a 6.04% decline over the past 24 hours and standing at 89% below its all-time high in October 2021, according to CoinStats. Despite this short-term dip, several market indicators paint a more optimistic picture for the long term. The 30-day average surpassing the 200-day average and the Relative Strength Index (RSI) hovering around 60 signal sustained buying pressure. Furthermore, the heightened trading volume, ranging between $400 million and $900 million recently, underscores increased market interest, partly fueled by notable whale activity.
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