Shiba Inu (SHIB) Price Rally Totals Over 30% in a Month as Whales Step in
TL;DR
- Shiba Inu (SHIB) has seen a notable increase in its price recently, with its performance compared to other cryptocurrencies like Dogecoin.
- Various factors and developments within the Shiba Inu project are influencing its current market trend, including its L2 blockchain solution Shibarium.
- The article also discusses the impact of actions by large SHIB investors on the cryptocurrency’s market dynamics and investor sentiment.
Shiba Inu (SHIB) Performs Better Than Dogecoin (SHIB)
Despite not being among the best performers today (December 28), the popular meme coin – Shiba Inu – has experienced a notable price increase lately. It is up more than 30% on a monthly basis (according to CoinGecko’s data), outpacing the gains recorded by Dogecoin (19%).
SHIB’s uptrend could be attributed to numerous developments, such as the asset’s burning mechanism and the advancement of the layer-2 blockchain solution Shibarium.
The meme coin project witnessed over 17 billion tokens burned last week. In addition, the burn rate for December 27 exploded by around 2,500%, resulting in more than 136 million assets destroyed. The move aims to reduce the tremendous circulating supply of SHIB, thus making it more scarce and potentially valuable in time.
For its part, Shibarium blasted through another major milestone in terms of transaction volume. As CryptoPotato recently reported, total transactions on the network have surpassed the 200 million mark, whereas total blocks have climbed above 2.3 million. Those willing to learn about Shibarium’s merits and specifics could do so by watching our dedicated video below:
Meanwhile, IntoTheBlock reveals that 40% of SHIB holders are currently sitting on paper profits, while 52% are in the red. Almost 90% of investors were underwater less than four months ago
SHIB Whales on the Move
The recent actions of Shiba Inu whales could have also played a role. As disclosed by WhaleAlert, one such investor transferred over 2.2 trillion SHIB (worth around $24 million at current rates) from Binance to an unknown address. Shifting from exchanges toward self-custody methods might be considered bullish since it reduces the immediate selling pressure.
According to IntoTheBlock, whales control approximately 78% of Shiba Inu’s circulating supply (over 580 trillion), and their efforts can affect the token’s price.
The post Shiba Inu (SHIB) Price Rally Totals Over 30% in a Month as Whales Step in appeared first on CryptoPotato.
