Shiba Inu (SHIB) Whale Transfers Pick Up Ahead Of CPI Release, What’s Going On

Shiba Inu (SHIB) News: It was Shiba Inu (SHIB) that recently led the memecoin rally as the burn rate increased. There is a lot of expectations on the cryptocurrency’s layer 2 Shibarium project among the SHIB community. In this context, there may be rise in trading activity for the memecoin. In this context, SHIB whales are also focused on accumulating or maximizing returns from their assets.

Also Read: Cathie Wood Bullish On Bitcoin, Investing Heavily In Coinbase And Tesla

In the last few days, even Binance appears to have placed its bets on the top 2 memecoin. As per Whale Alert data, the crypto exchange had earlier in the week transferred a whopping 4 trillion SHIB to an unknown wallet.

“4,000,000,000,000 SHIB ($34,736,666) transferred from Binance to unknown wallet.”

SHIB Whale Activity Picks Up

In addition, a latest alert showed that a massive transfer of SHIB occurred between unknown wallets. The memecoin is currently ranked 16 based on market cap while Dogecoin (DOGE) holds the top memecoin position at rank 9. As of writing, SHIB price stands at $0.00000916, up 2.63% in the last 24 hours, according to CoinGape price tracker. The price recovery in cryptocurrencies comes ahead of the US CPI data release for the month of December. The market expectation is that the Consumer Price Index (CPI) for the month would have declined.

The Whale Alert message said,

“3,323,256,285,484 #SHIB (30,458,751 USD) transferred from unknown wallet to unknown wallet.”

Meanwhile, the Shiba Inu burn rate also saw a spike in the last few days. The spike was considered as a result of anticipation around the much awaited Shibarium as well as SHIB whale activity. With each transaction on the Shibarium blockchain, Shiba Inu (SHIB) burn is triggered. Along with this, the developers said that the Shibarium launch is almost there.

Also Read: Bitcoin (BTC) Gains for the Ninth Successive Day, Is $20,000 Coming?

Know More: Good News For Bitcoin Holders; El Salvador Passes This Law