Shiba Inu Faces Stagnant Growth Amidst Recent Market Activity

Recent data from Coinmarketcap reveals that Shiba Inu has seen limited growth in value over the past week, with a modest increase of just 0.5%. 

However, the token has managed to gain 9% in the past month, albeit still far from its peak levels recorded in 2021. Despite this, Shiba Inu remains a topic of interest and continues to attract positive forecasts from investors and analysts.

Spotonchain data sheds light on recent activity involving a notable whale, identified as 0x30e, who purportedly sold 341.57 billion SHIB tokens, amounting to approximately $3.25 million, at an average price of $0.00009526. 

The sale included depositing 311.57 billion SHIB tokens ($2.97 million) to Binance and selling 30 billion SHIB for 281K USDT via a decentralized exchange (DEX).

Notably, the whale withdrew these SHIB tokens from HTX and Binance between November 19, 2021, and December 19, 2022, at an average price of $0.00002443. This potentially resulting in an estimated loss of $6.32 million (-61.4%) after holding them for nearly 2.5 years.

Shiba Inu SHIB Burn Rate Skyrockets

As of now, the whale no longer holds any SHIB tokens. Additionally, on February 24, Shibburn, a platform tracking SHIB burns, reported that 42.05 million SHIB tokens were transferred to a dead wallet. 

This transaction significantly increased the daily burn rate by 55.17% and the weekly burn rate by an impressive 113.62%.

While Shiba Inu’s growth has been stagnant in recent times, the token’s resilience and ability to maintain investor interest suggest that it remains a significant player in the cryptocurrency market.

The ongoing burn events and whale activity underscore the dynamic nature of the SHIB ecosystem, leaving investors and analysts closely monitoring its developments for potential opportunities and risks.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: avirozen/123RF // Image Effects by Colorcinch

Via: https://themerkle.com

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