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The Shiba Inu meme coin hosted a significant whale accumulation amidst a broader crypto market recovery in recent weeks, resulting in an approximate 20% increase in SHIB price over the month. In a notable whale transaction, on-chain data shows that a whale withdrew 600 billion Shiba Inu (SHIB) tokens from the cryptocurrency exchange Binance.
Whale Purchases 600 Billion SHIB Tokens
According to data from Lookonchain dated December 4, a newly created whale wallet made a striking transaction by withdrawing 600 billion SHIB tokens from the cryptocurrency exchange Binance. This Shiba Inu token move is worth $5.7 million and is much larger than other recent whale transactions.
Moreover, the first step towards becoming a whale was taken by this wallet last week, withdrawing 250 billion SHIB tokens worth $2.3 million from Binance. This accumulation by the whale triggered rumors of a price increase, and the SHIB price rose by 5%.
Despite all this, SHIB burning experienced a 90% decrease within 24 hours. A total of 108,618 SHIB tokens were burned in four transactions. The Shiba Inu community had maintained a strong stance by burning 1.3 billion SHIB last November, reducing the circulating supply.
SHIB Coin Price Increases
Shiba Inu (SHIB) gave back some of its gains within 24 hours following a recent downturn, continuing to stay in the positive territory with a 0.33% increase. This could be attributed to whale accumulation and the price increase of BTC.
Before the last-minute drop, the SHIB price had increased by 10% in the last 24 hours and is currently trading at $0.00000905. The lowest and highest prices within the 24-hour period were $0.00000840 and $0.00000954, respectively. Additionally, the trading volume increased by 320% in the last 24 hours, reflecting a rise in trader interest.
The price of BONE also rose by more than 11% during this period, but the 24-hour increase rate fell to 0.08% after a drop at the time of writing. It is currently trading at $0.75, with the lowest and highest prices in the 24 hours being $0.691 and $0.781, respectively.
Disclaimer: The information in this article does not constitute investment advice. Investors should be aware of the high volatility of cryptocurrencies and conduct their transactions based on their own research.
