Ethereum whales are hoarding Shiba – pump incoming?

Shiba Inu (SHIB) price is rising as Ethereum whales purchase significant amounts of the cryptocurrency. Considering that both the core developers and the Shiba Inu Ecosystem have hinted to the impending launch of the Shibarium Layer-2 blockchain, the community expects a major rise in SHIB burn and utility on the chain in 2023.

An emerging layer-2 solution called Shibarium aims to enhance the Shiba Inu ecosystem by, among other things, making faster transactions more affordable. Shiba Inu is becoming more well-liked among Ethereum whales as the forthcoming update approaches its introduction.

According to WhaleStats, a tool that tracks the top 5,000 largest Ether (ETH) wallets, SHIB entered the top 10 most bought tokens among the 2000 largest Ether (ETH) whales on December 29^th. 20% of all SHIB in circulation is controlled by 100 entities together. The average value of their SHIB holdings is $16.3 million, or 1.9 billion SHIB tokens. Should we follow their lead?

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One of the largest Shiba Inu whales had added almost 2 trillion SHIB to its balance at the time of acquisition, which was the equivalent of $22 million. The wallet in issue, with around $319 million worth of SHIB tokens on its balance, is the sixth largest Shiba Inu wallet, according to the data that is currently accessible. This transaction took place in a single day.

Additionally, the Shibburn tracker shows a sharp rise in the rate of Shiba Inu token burn. 182,339,090 SHIB tokens have been destroyed in the last 24 hours. According to information posted on the Shibburn website, the burn rate and the quantity of transactions have soared during the last several days.

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13 separate transactions totalling 159,411,895 SHIB tokens were burnt on January 1^st. After an address sent 297,290,339 SHIB tokens to the burn address on January 1^st, the burn rate climbed by 13,198%. These actions are all pointing to a possible rise in the price.

Market observers think that recent whale activity has paused the downward trend. SHIB’s cost increased by at least 2% as well. However, they do not expect much of a comeback, particularly if there is not enough liquidity and whale activity to support a big price gain.