Based on the information provided by IntoTheBlock, Shiba Inu (SHIB) experienced a substantial surge in the activities of large token holders over the recent weekend. During this period, these SHIB whales accumulated a total of 4.52 trillion SHIB tokens in their wallets, marking an astonishing increase of 2300% from the activity observed on Friday. Notably, there was a noteworthy decline in the volume of SHIB tokens being transferred out of these whale accounts. On Friday, approximately 281.83 billion SHIB tokens were moved out of such accounts, but this figure reduced significantly to 29.13 billion over the weekend.
These whale movements coincided with a broader bullish trend in the market. SHIB’s price registered a 2.6% increase in the weekly charts and a 2.2% uptick over the last 24 hours. However, it’s worth mentioning that despite the heightened activity, SHIB’s token burn rate continues to face challenges.
According to Shibburn, the burn rate for SHIB currently stands at -35.99%, with around 18 million tokens being destroyed in the past 24 hours.
Shiba Inu’s Momentum
The crypto markets are currently tracking the performance of Bitcoin (BTC). If Bitcoin continues its upward trend, it’s possible that Shiba Inu (SHIB) might follow a similar pattern. The current optimism in the market could be attributed to “Uptober,” a term coined to signify the historically bullish trend of the crypto market in October. Additionally, investors may be considering crypto as a hedge against potential stock market volatility arising from rising tensions between Israel and Hamas.
Some investors may also be acquiring BTC in anticipation of an upcoming bull run, as Bitcoin is set to undergo its halving in April 2024, which has historically been associated with bullish market sentiment. Furthermore, the potential launch of a spot Bitcoin Exchange Traded Fund (ETF) in the U.S. adds to the appeal of BTC as an asset.
Despite the recent price surge, Shiba Inu (SHIB) is still trading with five zeros after its decimal point. While SHIB added a zero in early May, it has struggled to maintain its price level. Although there was a brief period where it removed one zero in August, this couldn’t be sustained.