Per IntoTheBlock data, Shiba Inu whales resume their usual activities as large transactions spiked 888% in the last 24 hours. Large transaction surges are typically connected to increased action of whales, who are either buying or selling, and a transaction is generally more than $100,000.
The large transaction came as a result of the whales’ interaction with billion of Shiba Inu which made the top Shiba Inu holders have a 16.67% spike in active addresses according to WhaleStats‘ analysis. Presently whales’ trading volumes and average Shib value rose by 27.78% and 17.94%, respectively, in the last 24 hours.
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At the Writer’s time, Shiba Inu is one of the few assets that traded bullish even though Bitcoin and the majority of altcoins faced another rout amid growing recession fears. As stated by the CoinMarketCap, Shiba Inu was trading at $0.00001 at the time of publication, still up 8.81% in the last 24 hours.
Although, the recent rise in the Shiba Inu market which does not trace to the major catalyst, stands out as the holders mirrored the remark of the Shiba Inu lead developer Shytoshi Kusama reassuring remarks.
In a June 18 thread of tweets, he wrote:
“Lastly, things are moving quite well on all fronts and over the next few weeks you will begin to see the things we’ve been working on come to fruition at, what looks to be when Shib (and the world) needs it most.”
Over 94 Million SHIB Burned: SHIBARMY
As stated by the Shibburn Twitter handle, a little above 94 million tokens have been burnt in 16 transactions.
The activities of the Whales/or holders and the Shibarmy have been so prominent and crucial to the better running of the ecosystem. The burning is meant to maintain the price cap of Shiba Inu.
Coupled with the several support of various platforms on Shiba Inu which has added to the popularity of the meme coin.