Whales Transfer 4.8 Trillion SHIB Amidst Price Surge: A Deep Dive

• Shiba Inu (SHIB) Experiences Price Surge Following Massive Burns
• Understanding the Price Surge
• Whales' Influence on SHIB's Price
• Future Prospects of Shiba Inu (SHIB)
• Shiba Inu (SHIB) May See Further Momentum
• SHIB's Popularity and Future Predictions

Shiba Inu (SHIB) Experiences Price Surge Following Massive Burns

The Shiba Inu$0.000010 -2.05% (SHIB) cryptocurrency recently experienced a noteworthy price increase, which is attributed to a zero deletion in its price that occurred in August of the current year. The token displayed a surge of 9.1% in its weekly charts, and an impressive 17.9% increase over the week preceding it. Though SHIB encountered setbacks for the majority of this year, the project has shown signs of gaining momentum recently.

Understanding the Price Surge

The latest uptick in the price of SHIB may be a direct consequence of three substantial burns undertaken by the SHIB team. Tokens worth around $1.2 million were dispatched to the dead wallet over a span of three days. The tokens were sourced from the fees collected on the Shibarium network.

Whales' Influence on SHIB's Price

This rise in price correlated with a significant movement of tokens into the wallets of whales, or large holders. Data sourced from IntoTheBlock reveals an astounding 375% surge in inflow to these large wallets. In contrast, outflow from these large wallets decreased by 60.4%, amounting to approximately 835.9 billion SHIB tokens. This significant shift of tokens from exchanges to private wallets can be perceived as a bullish sign, as it could potentially reduce the selling pressure in the market.

Future Prospects of Shiba Inu (SHIB)

Despite a minor setback of 1.8% correction noted in the daily charts, and a 0.6% decrease in the last 14 days, there is continued speculation regarding SHIB's future rally. Burns have seen a decrease since the massive $1.2 million burn, with the SHIB's burn tracker indicating a drop of nearly 61%.

Shiba Inu (SHIB) May See Further Momentum

According to Changelly, Shiba Inu (SHIB) might add a zero after its decimal point by December end. Although SHIB's price has struggled to maintain momentum in 2023, despite the launch of a significant layer-2 network, its adoption hasn't skyrocketed as much as investors and fans would have preferred.

SHIB's Popularity and Future Predictions

Despite these challenges, SHIB maintains its status as one of the most popular cryptocurrency projects and could potentially experience a price surge during the anticipated bull run in 2024, as predicted by many analysts.

Edited by Jonathan Stoker