Shiba Inu Price Rises as Whales Transfer Billions of SHIB

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.

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.

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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