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.

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.