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Shiba Inu whales bought over 100 million dollars worth of SHIB in the past week. Learn what it means for the future of the SHIB token in the article.
The crypto market is getting back on track, with assets like Shiba Inu attracting traders. The meme coin has been quiet for a while, but its latest Shibarium launch has shifted the market tides.
Ever since the launch of Shiba Inu’s L2 blockchain, the network has garnered massive adoption. The blockchain managed to cross one million wallet addresses and transactions within days of its launch.
Currently, the network has 1,118,026 wallet addresses affiliated with it. Similarly, Shibarium has recorded over 1,173,231 transactions till now. The massive numbers have resulted in SHIB making a comeback in the market.
New Report Shows SHIB Whales Holding the Meme Coin
A new report by IntoTheBlock recently revealed that Shiba Inu whales went on a buying spree in the previous week. The data shared by the market intelligence platform showed that large holders had accumulated SHIB worth 100 million dollars.
These addresses hold around 0.1% to 1% of the overall Shiba Inu tokens. As expected, the sheer amount of SHIB coins the group holds has offered them massive market control. Therefore, traders are always looking out for their movements.
That is a major reason why most Shiba Inu holders have been following the Shiba Inu forecast for a while now. Traders believe that this group of SHIB holders can make a move in the coming time.
Keen monitoring of the Netflow metric is a useful approach traders have equipped to track the sizeable investors. The metric assesses the total amount of SHIB coins entering or leaving the wallets of the group.
If the Netflow shows a positive value, traders know that a number of Shiba Inu is being transferred to the holders’ wallets. This trend warns them about the investors hoarding the coin, which can lead to a bullish trail.
Conversely, a value under zero suggests that a net amount of SHIB is being withdrawn from the addresses. It can mean that the Shiba Inu hoarders are set to sell some coins. Naturally, the trend leads to a bearish trail, affecting the coin’s value.
As for the current state of the SHIB market, this group of Shiba Inu holders has only been buying. The Netflow for the group has shown positive values throughout the week. It directly implies that the investors are not the least bit interested in selling the meme coin.
For now, these holders have accumulated 100 million dollars worth of SHIB tokens. This accumulation is one of the primary reasons why Shiba Inu holders are expecting a positive outlook for the token. Speaking of a positive outlook, let’s take a look at the ongoing market movement of Shiba Inu.
Shiba Inu’s Ongoing Price Movement
Currently, the Dogecoin killer, Shiba Inu, is trading at $0.0000073, showing a moderate recovery after hitting a low of around $0.00000725.
The current price of SHIB is 91.72% below its peak of $0.00008845. On the other hand, the amount is +8966120.36% above its all-time low of $0.00000000008165.
The coin has lost almost 26% value in the past month. On the yearly scale, Shiba Inu has lost over 36.41% value.
The news of the accumulation seems to have lifted the spirits of Shiba Inu traders. However, that is not the only factor helping the coin.
Shiba Inu Coin Set for a Breakthrough
A recent hike in volatility is showing that Shiba Inu is ready for a trend reversal. ShibaSwap, the decentralized finance (DeFi) platform by Shiba Inu, currently has a TVL (Total Value Locked) of 23.4 million dollars. When it comes to burn rate, Shiba Inu has registered a whopping rate of 270% in the last few days.
The process has reduced the supply of SHIB, indirectly increasing the demand. The sudden hike in burn rate can also boost SHIB out of its current spiral. Traders are also following the burn rate and trading volume of Shiba Inu to maintain their strategies.
Shibarium Helping SHIB Gain Traction
Ever since the launch of Shibarium, Shiba Inu has been gaining market traction. The network has now attracted the attention of new participants.
According to Shiba Inu, over 100 tokens have joined the Shibarium ecosystem, including WBONE (Wrapped Bone). The Shibarium-based token represents the BONE token in a standardized format.
The integration has boosted BONE’s market demand as well. Shibarium stated that its native gas token has reached a new high of 192,290. With WBONE, the network is facilitating compatibility with dApps and smart contracts on Shibarium.
Moreover, the network is dropping hints of upcoming collaborations with other bridges and networks. The objective of these partnerships is to ensure a seamless flow of other tokens into the Shibarium ecosystem.
Shytoshi Kusama, the Shiba Inu leader, has undergone numerous steps to ensure Shibarium runs optimally. Kusama renounced the Bone contract recently to establish the burn portal. The Shiba Inu leader has also suggested a Shibarium wiki upcoming.
If the factors are any indicator, Shiba Inu is set on the verge of a massive breakthrough. If Shibarium continues its current rate, the network will help SHIB get out of its concurring cycle.
Conclusion
In conclusion, Shiba Inu whales’ significant accumulation of over $100 million worth of SHIB coins, along with positive Netflow metrics, suggests a strong bullish sentiment. Combined with recent developments like Shibarium’s success and a notable increase in the burn rate, Shiba Inu appears poised for a potential breakthrough. It is offering renewed hope for SHIB holders amidst its recent price fluctuations.
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