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The self-proclaimed Dogecoin killer, Shiba Inu, appears to be amassing noteworthy attention among crypto market fanatics as the token noted an enormous whale activity on Monday. Furthermore, market data showcased the transfer of trillions of SHIB between unknown wallets, stirring speculations across the broader crypto market.
Interestingly, the significant whale activity comes amid the price slump witnessed by the Shiba Inu cryptocurrency today. Moreover, falling in line with the plunge in its price, the SHIB burn rate also dropped substantially.
However, in a cyclone of breakthroughs, the Shiba Inu crypto community experienced a colossal surge in SHIB price over the past few days.
SHIB Whale Transfer: An In-Depth Analysis
According to on-chain data offered by Whale Alert, the Shiba crypto community recorded a massive whale transaction today, December 11. Moreover, as per the data, 4.19 trillion SHIB worth $40.82 million were transferred between unknown wallets.
Concerning the data, an unknown wallet, 0xbf07ed27…041afde8bb, was registered, making the transfer to another wallet, 0x8c472475…8646928232. Meanwhile, the transaction took place approximately 3 hours ago as of writing.
Intriguingly, the whale transaction also comes in the midst of a burn rate plunge. The SHIB token experienced a fall of 86% in its burn rate today, December 11, according to Shibburn.
Also read: Crypto Trend Reversal On the Cards As Investors FOMO For Buying the Dips
Shiba Inu Price Drops
As of writing, the Shiba Inu price noted a marginal fall of 0.67% over the past 24 hours, evaluating $0.000009589. However, the token jotted down a weekly surge of 2.44%, escorted by a monthly upswing of 7.23%.
The price surge witnessed by the token over the past few days, aligns with the recent hurricane of advancements made by the Shiba crypto community. In the community’s gust of developments, the token recorded massive amounts of SHIB being burnt over the past few days. Moreover, an upcoming NFT launch in collaboration with Busta Rhymes appears to have jacked up the SHIB price surge over the past few days.
However, in contrast to the developments by the Shiba community recently, the price today dropped drastically amid a crypto market selloff on Monday, December 11.
In addition, according to a recent SHIB price prediction, while the short-term SHIB outlook leans bearish, a triangle pattern suggests a likely sideways trend in the coming weeks.
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