Crypto News- Over the past few weeks, the Shiba Inu meme coin witnessed a notable surge in whale accumulations, coinciding with the broader recovery in the cryptocurrency market. This accumulation trend has led to an impressive 20% rally in SHIB prices within a month. In a recent substantial whale transaction, a significant player withdrew a staggering 600 billion Shiba Inu (SHIB) tokens, valued at $5.7 million, from the renowned crypto exchange Binance, according to on-chain data.
10% Price Surge in Shiba Inu Token Linked to Substantial Whale Movement
The same whale had made waves last week by withdrawing 250 billion SHIB tokens, totaling $2.3 million, from Binance. This strategic accumulation sparked speculation within the community, resulting in a 5% surge in SHIB prices.
Interestingly, the SHIB burn rate experienced a drastic 90% decrease in the last 24 hours. Despite this, the Shiba Inu community’s commitment to reducing the circulating supply remains evident, as evidenced by the burning of 108,618 SHIB tokens in four transactions. In November alone, the community burned a significant 1.3 billion SHIB tokens.
The Shiba Inu ecosystem’s native tokens observed a remarkable rally in the past 24 hours, with a collective surge of over 10%. This surge can be attributed to both whale accumulation and the broader positive sentiment in the crypto market.
As of the latest update, SHIB prices have surged by an impressive 10% over the past 24 hours, reaching $0.00000931. The trading volume has seen a substantial 320% increase in the same period, signaling a heightened interest among traders. Meanwhile, the 24-hour low and high stand at $0.00000840 and $0.00000954, respectively.
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