Cryptocurrency world witnessed Shiba Inu coin’s significant price rise of 70% today (March 2), capturing global attention once again. Alongside the incredible price surge of SHIB, the cryptocurrency whale transaction tracker Whale Alert spotted an astonishing SHIB whale transaction. The noteworthy transaction involved the movement of 3.02 trillion SHIB.
Movements of SHIB Whales
While the price of SHIB continues to rise, the large transfers highlight the growing confidence among Shiba Inu ecosystem traders and investors, and the whale transaction in question seems to be in line with this process.
The whale transaction occurred amidst a supportive phase for the SHIB token, driven by the Shiba Inu community, contributing to the coin’s progress.
The Shiba Inu team has announced several new projects within the meme coin’s ecosystem recently, and a SHIB rally has begun in parallel with the ongoing market developments.
For instance, the launch of SHEboshi, the upcoming KNINE launch, Sharbi’s FETCH bridge, and many other developments took place. In parallel with all these, a whale’s transaction involving nearly 3 trillion SHIB stood out.
According to data released by Whale Alert, an unknown wallet with the address 0x73af3bcf…7e2054d935 sent the aforementioned amount of SHIB to another unknown wallet with the address 0x40b38765…b6e418e489 today.
The transaction indicated an increase in SHIB whales’ interest in the meme coin. On the other hand, market participants suggest that the movement of nearly 3 trillion SHIB could lead to even more significant developments in SHIB’s price action.
Shiba Inu Price on the Rise
At the time of writing, Shiba Inu has experienced an incredible 70% increase in the last 24 hours, trading at $0.00002214. The meme coin’s trading volume has seen a 293.98% increase in the last 24 hours, demonstrating investor interest.
Data provided by Coinglass highlights the SHIB rally, indicating an uptrend. During the price surge, open interest increased by 88.03%, while volume rose by 361.16%. These figures reveal a significant shift by investors towards long positions.
