SHIB Price: Shiba Inu Whale Bags 350B Coins, Price To Rally?

The SHIB price has soared more than 3% today amid massive whale accumulation and major announcements from the SHIB community. Notably, according to a recent report, a whale, who previously bagged a significant amount of Shiba Inu coin, has once again purchased over 350 billion SHIB. This significant accumulation, along with the major announcement that aims to boost the Shib burn, seems to have fueled the market sentiment.

SHIB Price Soars Amid Massive Whale Accumulation

The SHIB price has gone sluggish trading over the past few days before reversing its track today with a surge of over 3%. Although the surge has sparked speculations, while reflecting the growing investors’ confidence, a significant whale transfer has caught the eyes of the market watchers.

As per a recent report from the on-chain transaction tracking platform, Lookonchain, a smart whale withdrew 353.83 billion SHIB from Binance today. This substantial transfer, worth around $6.6 million, seems to have boosted the SHIB price.

Notably, with the recent accumulation, the smart whale’s current SHIB holdings have surged to 838.87 billion, valued at around $15.5 million. This additional purchase of the meme coin into the whale’s portfolio signals the growing interest of the investors towards SHIB. Meanwhile, with his current holdings, the total profit of the whale stood at $6.13 million.

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Price & Performance

Amid the significant transfer, Shiba Inu price soared 3.21% to $0.00001878, while its one-day trading volume fell nearly 40% to $280.87 million. Notably, over the last 24 hours, the SHIB price saw a high of $0.00001892 and a low of $0.00001798. Although the Shiba Inu Open Interest still stands in the red, it has improved to $36.32 million during writing.

Meanwhile, apart from the whale movement, another prominent reason that has caught the eyes of investors lately is the massive spike in the SHIB burn rate. Despite the burn rate decreasing this week, the recent week’s immense burning spree has fueled investors’ confidence in the crypto.

In addition, Shiba Inu has recently announced the launch of a close beta Web3 version of the Shiba Eternity game in the third quarter of this year. Notably, Shiba Inu’s lead developer Shytoshi Kusama said that the revenue generated from the in-app game purchase would be utilized to boost the SHIB and LEASH tokens burning, further fueling market sentiment.

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