In the last 36 hours, Shiba Inu saw a 565% surge in whale activity.
Shiba Inu Whale Transactions This Week
Into The Block
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%.
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.
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