In the wake of the much-celebrated approval of a spot Bitcoin ETF, the cryptocurrency world has shifted its focus towards meme coins, with Shiba Inu standing out. It’s been observed that big-ticket investors are actively engaging in what’s being termed as Shiba Inu Accumulation, either by purchasing massive amounts or by withdrawing their Shiba Inu holdings from different crypto exchanges. This activity has led to a significant decrease in exchange balances.
Whale Wallets and Shiba Inu
Recently, Lookonchain, a crypto analysis firm, pointed out the emergence of new whale wallets accumulating Shiba Inu. One such wallet, known as “0xF633”, has withdrawn an impressive 1.44 trillion SHIB, equivalent to $13.36 million, from Binance and Gateio in just a few days. Another wallet was highlighted for withdrawing 546.34 billion SHIB, valued at $4.92 million, from Binance. This trend of whale accumulation has been noticeable for about three months now, following the approval of the spot Bitcoin ETF.
Shiba Inu Supply Dips
Simultaneously, the supply of Shiba Inu on cryptocurrency exchanges has dropped to a six-month low, leaving only 7.38% of the total SHIB supply. This considerable decrease from the previous 8.60% of the total supply marks a significant shift. Historically, a drop in exchange reserves indicates reduced selling pressure on the cryptocurrency, which could be a key factor in Shiba Inu’s potential recovery.
Shiba Inu’s Potential Price Surge
Furthermore, Shiba Inu (SHIB) is expected to hit the much-desired $0.001 price point, driven by its thriving ecosystem and the growing popularity of Shibarium among a large community of developers. The SHIB burn rate has seen a substantial increase recently, with a reported 27,503.25% surge in the last 24 hours, involving over 9.3 billion SHIB tokens sent to the burn address. This strategic token burning is set to decrease the token supply, theoretically boosting SHIB’s value.
As of now, SHIB is trading at $0.00000935 following a 1.54% surge in the last 24 hours. Its volume also increased by 68% to $115.6 million, indicating a rising demand for SHIB among market participants. Notably, the coin has already surpassed its 200-day Exponential Moving Average (EMA) at $0.00000890, which is expected to provide immediate support in its upward trend.
For those interested in tracking these trends and movements, consider using the cryptoview.io application. It’s a handy tool for keeping up with the dynamic world of cryptocurrencies, including the ongoing Shiba Inu accumulation.
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