Shiba Inu Price Rises as Whales Transfer Billions of SHIB

Coingapestaff
December 19, 2023
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Shiba Inu, an Ethereum-based altcoin, advances further into its cryptographic venture today. The token’s community appears to have noted two significant whale transfers, gaining significant traction within the crypto realm.

As the whale data surfaced in the broader crypto market, traders and investors garnered considerable interest in the token, succeeding market charts, illustrating an upward trajectory for the SHIB cryptocurrency. The upswing, denoted by the token, further aligns with the substantial whale transfers unveiled recently, stirring speculations across the crypto landscape.

Moreover, even the surge in the SHIB burn rate over the past week further fueled optimism for the token, as witnessed by the SHIB price.

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Whale Transfers Orbiting Shiba Inu

Whale Alert, a platform facilitating blockchain metrics, recently revealed the data orbiting SHIB whale transfers. Furthermore, as per the data, an unknown wallet, 0x2efb50e9…32bbf2e204, was noted transferring 579.04 billion SHIB to Binance, a prominent cryptocurrency exchange. Notably, the amount transferred to Binance totaled $5.88 million while writing.

In addition, another whale transaction, transferring SHIB from Binance to OKX, amassed significant attention. In accordance with the data, a whopping 499.99 billion SHIB, worth $5.02 million, were transferred to OKX. Intriguingly, the transfer of SHIB between CEXs Binance and OKX hints toward a potential increase in demand for the token, falling in line with the SHIB price today. The amount of Shiba Inu coins collectively reshuffled totaled 1.07 trillion SHIB, curating a speculative torrent across the broader market.

Also read: Crypto Prices Today: BTC, SEI Lead Gains As Pepe Coin Remains Flat

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SHIB Price Soars

The Shiba Inu price portrayed a jump of 3.63% in the past 24 hours, currently trading at $0.00001043. Moreover, this jump was further escorted by a weekly upswing illustrated by the token, surging 8.49%.

The upward momentum gained by the Shiba Inu cryptocurrency may be attributed to numerous advancements made by the community, whether Kusama’s spotlighting significant developments or SHIB’s listing chronicle. Moreover, the colossal weekly surge of 4053% in the SHIB burn rate seems to mirror the price upswing.

Meanwhile, the traction gained by SHIB within the crypto horizon was further enlightened by Kaal Dhairya, another SHIB project developer. Dhairya stressed that the Shibarium network noted over 130 million inscriptions in less time than any of the other chains.

Intriguingly, the token’s market performance saga, accompanied by the developments made by the Shiba community, positions the token for a potential bull run ahead.

Also read: Binance and CFTC Reach a $1.35 Billion Settlement, CZ to Pay $150 Million

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.