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The cryptocurrency world is closely watching the recent activity surrounding the Shiba Inu (SHIB) token. Notably, the impressive moves by Shiba Inu whales have led the cryptocurrency into a significant growth trajectory. The extraordinary trading volume in the last 24 hours has drawn attention in the sector.
Increase in Large Whale Transactions for Shiba Inu
According to IntoTheBlock’s data, large whale transactions increased by 73.72%. This means a total of 327 large transactions occurred within 24 hours. These transactions demonstrated the rapidly rising popularity of the SHIB cryptocurrency and the increasing interest from whales.
A particularly noteworthy point is that Shiba Inu whales purchased a total of 5.58 trillion SHIB within 24 hours. This development caused the value of SHIB traded by whales to exceed $145.48 million, making the token one of the most traded recently. These large purchases could help SHIB cope with supply issues and continue its bull rally.
Hopeful Anticipation for SHIB
The problematic aspects of the Shiba Inu protocol cannot be ignored. According to previous reports, concerns arise from the cryptocurrency SHIB’s inability to continue its rally. Despite a recent increase of up to 10%, SHIB’s failure to maintain this momentum remains a critical question mark.
Currently, Shiba Inu’s price is trading at $0.00002612 with a 2.72% increase over 24 hours. However, the token still aims to reach levels of $0.00007. To achieve these targets, the SHIB cryptocurrency uses deflationary mechanisms such as burn rate and Shibarium transaction growth.
Shiba Inu’s efforts align with the overall slow growth of the cryptocurrency market. However, experts believe the token could make a strong breakout in the long term. The large purchases by whales and the overall performance of the meme coin Shiba Inu have sparked significant discussion and excitement within the crypto community. Yet, how future developments will unfold and where the price of SHIB, the second most popular meme coin, will go remains a closely watched topic in the market.
