In recent weeks, the price of Shiba Inu (SHIB) has experienced a significant downturn. Despite a slight recovery, the price remains in decline, causing concern among SHIB investors. However, behind the scenes, Shiba Inu whales have been actively accumulating a massive amount of SHIB tokens, indicating their long-term confidence in the project. Let’s delve into the on-chain data and explore the implications of the significant whale activity.
According to on-chain data, Shiba Inu whales have collectively accumulated a staggering 2.39 trillion SHIB tokens, amounting to approximately $24.15 million. These whales have been taking advantage of the recent dip in SHIB’s price and strategically adding tokens to their holdings. What is particularly interesting is that these tokens are being sent to cold storage, indicating the whales’ intention to hold onto their SHIB for the long term.
The Shiba Inu ecosystem has several whale investors, and it is not unusual to witness transactions among these prominent holders. Recent data from on-chain transaction tracker Lookonchain reveals significant SHIB transfers from crypto exchange Binance into four whale addresses within the past 30 days. Notably, one of these transactions involved TRON founder Justin Sun, who accumulated a substantial amount of SHIB tokens.
The consistent influx of SHIB tokens into whale wallets raises questions about the potential impact on the market. As per data from IntoTheBlock, large SHIB holders now control 78% of the total circulating supply. Such a concentration of tokens in the hands of a few entities can potentially manipulate the price. Nevertheless, the whales’ massive buys indicate their faith in SHIB’s future prospects, despite recent volatility.
Amidst the market turbulence, Shytoshi Kusama, the lead developer of Shiba Inu, addressed the growing SHIB community and urged them to remain steadfast. This call for stability came alongside the introduction of Shib name tokens, which aims to further enhance the Shiba Inu network state. Despite the recent challenges, Kusama’s message underscores the team’s commitment to delivering on their promised vision.
In an effort to drive up the price of SHIB, the Shiba Inu community has witnessed a spike in the burn rate of tokens. The burn tracker reveals a significant 395.43% increase in the burn rate, indicating a proactive approach to counter the downward price pressure. The burning mechanism can reduce the circulating supply of SHIB, potentially increasing its scarcity and value.
While the price of Shiba Inu may be experiencing volatility, the recent activity of whales accumulating SHIB tokens showcases their unwavering belief in the project’s long-term potential. These whales strategically store their tokens in cold storage, signifying their commitment to holding onto SHIB for an extended period. Additionally, developments such as the introduction of Shib name tokens and the increased burn rate reflect the determination of the Shiba Inu community to enhance the network’s value. As with any investment, it is important for individual investors to conduct their own research and exercise caution when engaging in the cryptocurrency market.
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