• BTC
    27365.73 2.15%
    1.08 -0.15%
  • ETH
    1859.58 2.38%
  • SOL
    19.9 2.36%
  • ADA
    0.37 1.09%
  • AVAX
    14.85 1.09%
  • DOT
    5.4 1.77%
  • LTC
    92.43 1.8%
  • BCH
    116.46 1.4%
  • CRO
    0.06 0.65%
    0.88 1.7%
  • LINK
    6.58 0.7%
  • XLM
    0.09 0.58%
  • UNI
    5.14 1.28%
  • SHIB
    0 1.02%

Ethereum whales are hoarding Shiba – pump incoming?

Whales buy a substantial amount of Shiba Inu tokens ahead of Shibarium release. Holders expect burning and price to pick up the pace.

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 29th. 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?

You may also like: EUR/USD plunges on the first trading day of 2023

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.

More to read: Russia blocks $488 million worth of Linde assets

13 separate transactions totalling 159,411,895 SHIB tokens were burnt on January 1st. After an address sent 297,290,339 SHIB tokens to the burn address on January 1st, 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.

Tomáš is a financial reporter with US markets as his main field. Tomáš is an aspiring author and entrepreneur aspiring to help people get better in financial knowledge.


Post has no comment yet.

Want add your comment? Sign up or Sign in