SHIB Whale Activity Surges 565%
In the last 36 hours, Shiba Inu saw a 565% surge in whale activity.
Shiba Inu Whale Transactions This Week
The whale transactions were a part of increased market activity. SHIB saw around 2.1 trillion transactions yesterday due to a broad market surge, even higher among memecoins.
Whales have been one of the largest investors in high-growth projects like memecoins and, in the specific case of Shiba Inu, control approximately 73% of the token supply. This control in percentage terms has increased in the last couple of years, before the whale concentration of around 63%.
Though the presence of whales increases the chances of market manipulation, we have seen constructive support in several cryptocurrencies, including Shiba Inu, which has been a whale favorite since its inception. Since the launch of Shiba Inu in August 2020, whale support was critical in its all time returns of 35 million percentage or 35,357,824.53%.
Impact of This Whale Activity
As a direct impact of this whale activity, SHIB saw a $438 million token burn, a number that was earlier thought to be difficult to achieve.
Based on this surge and the burn rate, Shiba Inu has gained 16% today and is expected to cross its 2024 high of $0.000045 by the end of the year. At press time, Shiba Inu’s price was trading around $0.00003.
At VOC, we had predicted this surge in a post dated 8 Nov 2024.
Disclaimer: This article is intended solely for informational purposes and should not be construed as financial advice. Investing in cryptocurrencies involves substantial risk, including the possible loss of your capital. Readers are encouraged to perform their own research and seek guidance from a licensed financial advisor before making any investment decisions. Voice of Crypto does not endorse or promote any specific cryptocurrency, investment product, or trading strategy mentioned in this article.
