Shiba Inu: Whale Movements Increase 2300% Amid Price Surge

Paigambar Mohan Raj
Shiba Inu
Source – ZebPay

According to the data on IntoTheBlock, Shiba Inu (SHIB) witnessed a major spike in whale movements over the weekend. Over the weekend, SHIB whaled added 4.52 trillion SHIB tokens to their wallets. The influx translates to a spike of 2300% from Friday. Moreover, tokens flowing out of whale accounts have also seen a significant drop. While  281.83 billion SHIB tokens moved out of whale accounts on Friday, this metric fell to 29.13 billion over the weekend.

Also Read: Shiba Inu Forecasted to Rise 600%: Here’s When

The whale movements come amid a larger market bullishness. SHIB’s price has surged 2.6% in the weekly charts and by 2.2% in the last 24 hours.

Source: CoinGecko

However, despite the increase in activity, SHIB’s burn rate continues to struggle. According to Shibburn, SHIB’s burn rate stands at -35.99%, with about 18 million tokens destroyed in the last 24 hours.

Will Shiba Inu continue to rally?

Shiba Inu
Source – Coin68

The crypto markets are currently following Bitcoin (BTC). If Bitcoin (BTC) continues to rally, we may see a similar trend for SHIB as well. The current market bullishness could be due to “Uptober,” a play on the word October, as this month has historically been bullish for crypto. Moreover, investors may anticipate stock markets to take a hit due to the rising tensions between Israel and Hamas.

They may be diverting their assets into crypto as a way to hedge. There is also a possibility that people are buying BTC in anticipation of a bull run soon. BTC is scheduled to undergo its halving in April 2024, which is historically a bullish event. Moreover, there is a high chance of a spot BTC ETF (Exchange Traded Fund) being launched in the U.S. Both developments make BTC a very attractive asset right now.

Also Read: Can Shiba Inu Delete a Zero by Halloween 2023?

Despite the price surge, Shiba Inu (SHIB) continues to trade with five zeros after its decimal. The popular dog-themed memecoin gained a zero in early May and has been struggling to get rid of it. Although it briefly removed the zero in August, it could not hold the price level.