Shiba Inu Price Drops Amid 4 Tln Whale Activity, What’s Happening?
Shiba Inu, a cryptocurrency positioned as the self-proclaimed Dogecoin killer, curated a tidal wave of speculations across the broader crypto market on Tuesday as the token recorded substantial whale activity in the past 24 hours. The whale activity, coming forth amid a price drop noted by the token, seems to have stirred a whirlpool of inferences among crypto market enthusiasts globally.
Notably, as per the data surfacing within the market, a whale shifted roughly 4 trillion SHIB to another unknown wallet. Simultaneously, the token’s price dropped, aligning with the fall in SHIB burn rate, fueling further speculations for the token.
Whale Transfer Orbiting SHIB: A Detailed Report
According to the data unveiled by Whale Alert, a platform facilitating blockchain metrics, the Shiba Inu cryptocurrency appears to have noted a significant whale transfer on December 25, Monday. Moreover, as per the data, the unknown wallet, 0x9c570088…a22fd8b51b, was registered, transferring 4.23 trillion SHIB to another wallet address, 0x72c3f4fc…fa8d75d719. Meanwhile, the number of coins transferred was evaluated as $45.12 million at the time of writing.
However, the transfer of SHIB between unknown wallets amid a price drop portrays a sense of boosted confidence among crypto market traders. Furthermore, the SHIB whale chronicle also aligns in contrast with the drop in the burn rate.
Remarkably, the Shiba crypto community noted a significant drop in the SHIB burn rate over the past 24 hours. As per on-chain data, the community seems to have incinerated 6.87 million SHIB over the past day.
Also Read: Crypto Prices Today: Market Rebounds As Bitcoin, Pepe Coin, ORDI Soar
Shiba Inu Price Falls
As of writing, the Shiba Inu price recorded a fall of 1.17% in the past 24 hours and is currently trading at $0.00001067. However, the token seems to have noted a weekly upswing of 1.58%, accompanied by a monthly upsurge of 27.23%.
Besides, the token’s trading volume dropped 7.06% over the past day and currently rests at $184.11 million.
The fall portrayed by the meme coin’s market charts contrasts the whale activity recorded by the token today, fueling further inferences for the token.
Also Read: Breaking: Mt. Gox Creditors Have Started Receiving Repayments After 10 Years
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