A Shiba Inu Coin’s whale woke up from hibernation, bought 373 billion coins.
A Shiba Inu Coin’s whale woke after three years of hibernation, leading to the increase of SHIB price by 10% in the last 24 hours. The whale bought 373 billion SHIB coins within hours. The daily trading volume of Shiba Inu also increased due to this transaction of the whale. The Shiba Inu Coin (SHIB) price has crossed the 50-day EMA, however, to maintain its uptrend it needs to increase more of its current trading volume.
Shiba Inu Coin continues to maintain its balance
In April 2021, after the launch of Shiba Inu, the whale received 167 billion SHIB. These tokens were received from one of the earliest whales to interact with SHIB.
Blockchain surveillance platform SpotonChain reported that the whale had acquired 149.3 billion SHIB using around 1,000 wrapped Ethereum (WETH) valued at $3.83 million. In addition to this whale also acquired 173 billion SHIB.
The whale maintained its balance by exchanging 2,188 WETH for 323 billion Shiba Inu tokens worth $8.29 million within three hours.
As of press time, the Shiba Inu (SHIB) price is trading 9.53% up at $0.00002616 with its market cap of over $15.4 billion. Also, the daily trading volumes have increased by 16% crossing past $763 million.
Effect of surge of Shiba Inu burn rate
Moreover, Shiba Inu prices escalate further due to the hike in the burn rate of SHIB tokens. The burn rate saw a remarkable surge of nearly 16,600% on Tuesday, June 4. The surge in SHIB token burning has sparked enthusiasm among traders and investors as this reduces the overall supply of SHIB thus, potentially enhancing its value.
Shiba needs to support its uptrend
Shiba Inu’s price has crossed the 50-day EMA at $0.000025, but SHIB needs to convert to a $0.00003 price level to inspire investors’ confidence and signify strength in the market. Otherwise, it will drop below the 50-day EMA.
Well, it is hard to reclaim $0.00003. Data from IntoTheBlock shows that 124,220 addresses hold 92.2 trillion SHIB tokens purchased between $0.000025 and $0.00003, this will prevent market price from going up.
There will be an increase in selling pressure and oppose the breakout when SHIB achieves this price. To counteract this pressure a comeback in growth is necessary.
The buying of 373 billion Shib Inu coins has upsurged the SHIB prices by 10%. Investors are on cloud nine because of this rally, however, crypto markets are volatile. One should do their own research or seek financial advice before investing.
