Shiba Inu (SHIB) Price Soars 6% In A Day, Here’s Why

Varinder Singh
May 17, 2022 Updated July 18, 2022
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Shiba Inu (SHIB) Price Soars 6% In A Day, Here's Why

Shiba Inu’s price has seen a recovery of 26% since the crypto market crash in the first two weeks of May. The price increase still continues as the SHIB recorded more than 6% gains in the last 24 hours. The reason behind the quick rally is whale accumulation seen from the bottom of $0.00000988.

Meanwhile, 1.096 billion Shiba Inu tokens have been burned in the last 24 hours as the burn rate rises to 121.56%. The circulating supply of SHIB now reached nearly 553 trillion.

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Shiba Inu (SHIB) Price Gains Momentum

The SHIB price is currently moving near the $0.000012 level. The increase in whale transactions in the last few days indicates interest at low price levels.

According to data by WhaleStats, SHIB has become the most traded token among the top 10 list of tokens held by Top 500 Ethereum whales in the last 24 hours.

Interestingly, ETH whale “BlueWhale0073” have been accumulating Shiba Inu (SHIB) since the drop in price to $0.00000988. The whale bought 375 billion SHIB tokens for $4.56 million in the last 24 hours. Also, the ETH whale “BlueWhale0073” bought 109 billion SHIB tokens worth $1.40 million on May 13.

Meanwhile, the second-largest meme token Shiba Inu has surpassed Dogecoin by the number of followers on Twitter. The last week saw a massive rise in the number of wallets holding Shiba Inu (SHIB). Moreover, SHIB transactions off exchanges are increasing in the past few days. KuCoin reveals SHIB is one of the top 10 coins by search popularity today.

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Shiba Inu Sees a Hopeful May Ahead

Shiba Inu (SHIB) soared 25% after the Middle East-based crypto exchange Rain listed the token for trading last week. In March, the Rain exchange asked its followers on Twitter whether the exchange should list SHIB. The community voted in support of listing. However, the SHIB listing on the Robinhood app remains the most influential listing of the second-biggest meme crypto in the year.

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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.
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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
Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.
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.