Benzinga - Dogecoin (CRYPTO: DOGE) rival Shiba Inu (CRYPTO: SHIB), has witnessed a rise in the crypto market throughout 2021; however, it has experienced a significant decline from its all-time high.
What Happened: A fascinating aspect of this cryptocurrency is that owning less than $10 worth of SHIB can actually get you over a million SHIB tokens, as Shiba Inu is currently trading at approximately $0.000007819.
Interestingly, the Shiba Inu protocol has seen a sharp increase in the total number of whale transactions recorded on-chain. According to data from crypto analytics provider IntoTheBlock, SHIB whale transactions have witnessed a notable surge of 25.72% within the past week, amounting to a total value of $56.8 million.
These growing whale transactions, if sustained, can have a tremendous impact on the price growth of Shiba Inu.
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Why It Matters: Furthermore, the burn rate of Shiba Inu has spiked significantly, with a staggering 300% increase over the past 24 hours. This can be attributed to the burning of 109 million SHIB tokens, effectively removing them from circulation.
Adding to the discussions surrounding Shiba Inu, a crypto trader known as SHIB Knight shared their belief on Twitter that as long as Shiba Inu maintains ascending support present on its chart, it may remain in a “good” place. The trader even predicted the possibility of the meme coin’s price “deleting” another zero, signaling a potential significant surge.
$SHIB is good as long as it holds ascending support.Target is still deleting a zero. pic.twitter.com/GiiAUOAAaO
— $SHIB KNIGHT (@army_shiba) July 18, 2023
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