Shiba Inu Whale Bags 350B Coins, Price To Rally?

SHIB prices surged over 3% today due to whale buying and major announcements from the SHIB community. In particular, recent reports indicate that whales who previously purchased large amounts of Shiba Inu coins have once again purchased over 350 billion SHIB. This buying spree and major announcements aimed at facilitating the Shib burn appear to have spurred market sentiment.

Mass whale catches send SHIB prices soaring

SHIB prices had been sluggish over the past few days but reversed course today with a surge of over 3%. The surge reflected growing investor confidence, sparking speculation, but a large whale relocation has caught the attention of market watchers.

A recent report from Lookonchain, an on-chain transaction tracking platform, said that clever whales withdrew 353.83 billion SHIB from Binance today. This massive transfer, worth around $6.6 million, appears to have boosted the price of SHIB.

Source: Lookonchain, X

Notably, the recent accumulation has seen the smart whale’s current SHIB holdings soar to 838.87 billion, worth around $15.5 million. The additional purchases of this meme coin into the whale’s portfolio indicate growing investor interest in SHIB. Meanwhile, with the current holdings, the whale’s total profits have risen to $6.13 million.

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Price and Performance

Amid the big moves, Shiba Inu’s price rose 3.21% to $0.00001878 while daily trading volume fell nearly 40% to $280.87 million. Notably, in the past 24 hours, Shiba Inu’s price hit a high of $0.00001892 and a low of $0.00001798. Shiba Inu’s open balance is still in the red but has improved to $36.32 million at the time of writing.

Meanwhile, apart from whale activity, another big reason for the recent attention of investors is the sudden increase in SHIB burn rate. Though the burn rate has decreased this week, the massive burn rush over the past week has boosted investor confidence in the cryptocurrency.

In addition, Shiba Inu recently announced that it will release a closed beta Web3 version of its Shiba Eternity game in the third quarter of this year. Notably, Shiba Inu’s lead developer, Shytoshi Kusama, stated that revenues from in-app game purchases will be used to facilitate the burning of SHIB and LEASH tokens, further stimulating market sentiment.

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