Significant developments are occurring with Shiba Inu, which is positioned as the largest memecoin in the market following Dogecoin. Two major whale transfers in the memecoin have attracted attention. The situations arising from the whales’ transactions have generated great interest from traders and investors in the market movement indicating an upward price trend for the SHIB cryptocurrency.
The rise specific to the token also parallels significant whale transfers that have been recently announced and have sparked rumors in the crypto world. Moreover, as demonstrated by the SHIB price, the news about SHIB burns last week has further increased optimism for the altcoin.
Whale Transfers in Shiba Inu
Whale Alert, which closely monitors whale movements on the blockchain, recently uncovered significant developments reflecting SHIB whale transfers. According to the data revealed, an unknown wallet with the address 0x2efb50e9…32bbf2e204 transferred 579.04 billion SHIB to Binance, which is considered the world’s largest exchange in terms of volume. Notably, the amount of SHIB transferred to Binance was worth $5.88 million at the time of writing.
In addition, another whale transaction involving SHIBs leaving Binance and heading to OKX also garnered significant interest. According to the data, a transfer of 499.99 billion SHIB, valued at $5.02 million, took place to OKX.
The total amount of Shiba Inu coins transferred in large quantities reached 1.07 trillion SHIB, causing rumors to increase in the broader market conditions.
SHIB Price is Rising
The price of Shiba Inu has shown a jump of 5.63% in the last 24 hours, currently trading at $0.00001050. This rise is accompanied by a weekly increase of 8.49%, indicating an upward trend for the token.
The upward price movement gained by SHIB can be supported by significant developments highlighted by Kusama, the company’s number one, SHIB’s listing news, and burn updates, all of which are progress made by the community.
Furthermore, the SHIB burn rate also experienced a tremendous increase of 4053% on a weekly basis. This situation emerges as another factor that could be attributed to the price increase. The developments supported by the Shiba community are leading to an increasing upward trend, preparing the token for a potential bull run.
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