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- Technical indicators sounded a bearish alarm for SHIB at press time.
- SHIB’s burn rate surged 36% in the last 24 hours but dropped 93% on a weekly basis.
In what was a clear indication of growing demand for Shiba Inu [SHIB], a major whale snapped up more than 168 billion tokens in the last two days of trading, as per information from Etherscan. With the press time price of SHIB, the transactions were worth more than $1.72 million.
Realistic or not, here’s SHIB’s market cap in BTC’s terms
As a result of the buying spree, SHIB became the most traded token among top Ethereum [ETH] whales over the last 24 hours, as per crypto whale tracking website Whalestats.
SHIB accumulation on the rise
The data from Etherscan revealed that the whale in question started with modest quantities, but quickly escalated to amass a whopping 108 billion SHIBs in a transaction executed a day and 14 hours before press time.
However, it was interesting to note that the whale offloaded more than 49 billion tokens, indicating that an intense to-and-fro movement of SHIB was happening in the market.
A staggering 5.15 trillion SHIB, worth more than $52 million, was held by the whale at the time of writing.
Over the last 10 days, most large addresses stepped up their game in accumulating SHIB. As of this writing, 615.19 trillion SHIBs were sitting pretty in whales’ wallets, as per Santiment data.
As large addresses started to hodl SHIB tokens, supply on exchanges dipped. Over the last 10 days, SHIB’s balance on centralized exchanges dropped from over 90 trillion to 89.2 trillion at press time.
Source: Santiment
The burn is real
Data from Shibburn revealed that SHIB’s burn rate surged by 36.97% in the last 24 hours, with more than 3.37 million tokens removed out of circulation.
However, on a weekly basis, there was a significant decline of 93% from the previous week. As of this writing, SHIB had a circulating supply of 589.54 trillion, according to CoinMarketCap.
HOURLY SHIB UPDATE$SHIB Price: $0.00001034 (1hr -0.07% ▼ | 24hr 0.56% ▲ )
Market Cap: $6,093,213,721 (0.62% ▲)
Total Supply: 589,366,748,529,175TOKENS BURNT
Past 24Hrs: 3,379,516 (36.97% ▲)
Past 7 Days: 21,184,222 (-93.45% ▼)— Shibburn (@shibburn) April 29, 2023
How much are 1,10,100 SHIBs worth today?
SHIB exchanged hands at $0.00001029 at press time, up 0.33% in the last 24-hour period. The token was yet to embark on an upward momentum since the 19 April decline. The price kept moving sideways over the last few days of trading.
The Relative Strength Index (RSI) continued to move below the neutral level, implying that bearish sentiments were strong. The Moving Average Convergence Divergence (MACD) was below the signal line, reinforcing the strong selling pressure narrative.
Source: Trading View/ SHIB/USD
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Shiba Inu [SHIB], the elusive dogecoin-like cryptocurrency, has been thrust into the limelight after a recent buying spree by a group of influential crypto “whales”. Since mid-May, SHIB’s price has risen more than 5000%.
The surge of interest in SHIB was sparked by a group of influential investors known as “whales”, whose buying has seen the cryptocurrency’s market cap rocket to nearly $50 billion. The most prominent of these investors include Tesla and SpaceX CEO Elon Musk, hip-hop mogul Snoop Dogg, and venture capitalist Yang.
It remains unclear what sparked the buying spree but the result has been a massive increase in market capitalization for SHIB – from approximately $500 million in April to $50 billion in mid-May. It has also seen the coin becoming the 10th largest cryptocurrency by market cap and earning it attention from the mainstream media.
Many analysts have warned caution when it comes to investing in SHIB, citing the fact that the token is still fairly new and has no clear use case or fundamentals. In addition, the extremely high volatility of the currency and the fluctuating cryptocurrencies market may also lead to losses.
Nevertheless, the spectacular rise of SHIB over the past few weeks signals that it has potential to become a major player in the crypto sphere. With its status boosted by the endorsement of the whales and media outlets, it could be that SHIB is headed for even more success in the near future.
Time will tell whether SHIB is a passing phenomenon or a long-term investment, but investors should certainly keep an eye on the cryptocurrency in the coming months.
