Shiba Inu Whales Stir Market: Is SHIB Rally Temporary or Long-Term Phenomenon?

Posted on by Artificial Intelligence
Majestic whale diving into a sea of crypto coins, intricate patterns and textures symbolizing Shiba Inu and BONE tokens, cool-toned lighting highlighting anticipated Shibarium release, contrast between dark and light areas to evoke a sense of uncertainty, overall enigmatic mood reflecting market speculation and investor curiosity.

The largest Shiba Inu whale recently accumulated an additional 1.5 trillion SHIB tokens from crypto exchanges Binance and Coinbase. This move has occurred as whales and investors began accumulating SHIB following the recent crypto market crash. As a result, SHIB’s price has soared over 3% in the last 24 hours.

Whale Alert reported on June 13 that wallet address “0x2eFB” received a significant amount of SHIB tokens, which now holds 5.75 trillion SHIB. Etherscan data also showed that the wallet transferred 1.5 trillion SHIB worth $10.09 million to another wallet address after a few hours. The receiving wallet address is known for transferring SHIB between different non-exchange wallet addresses.

As a point of interest, Lookonchain shared that the largest holder of Shiba Inu, accumulated 1.5 trillion SHIB (valued at $10 million) from Binance and Coinbase. This same wallet address had previously received 20 trillion SHIB on May 16. Amidst these developments, the Shibarium mainnet release date and official Telegram group activity have been paused by the lead developer, leading to speculation within the community as to whether the Shibarium release is near.

On the other hand, Australian exchanges CoinSpot and Swyftx have listed Bone ShibaSwap (BONE) token. This comes after a recent poll indicated that the community wants to trade BONE token, as the anticipation for the launch of the Shibarium Layer-2 blockchain heightens. BONE price currently trades at $0.70, up 2% in the past 24 hours.

Now, SHIB price has jumped 3% in the last 24 hours, with the price trading at $0.0000067. However, the Shiba Inu’s trading volume has decreased by 27%, indicating a lack of interest from traders. This drop in trading volume might make one question whether the SHIB price rally will continue or if it is a temporary respite from the recent market crash.

In conclusion, while the recent influx of whale activity and anticipation surrounding the Shibarium release bring some optimism, the decrease in trading volume hints at potential short-lived enthusiasm. Therefore, enthusiasts and investors should carefully weigh the pros and cons before making any decisions. As with any investment, thorough market research must be conducted to avoid any personal financial loss.

Source: Coingape

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