Shiba Inu whales scoop up 256 billion SHIB as price witnesses trend reversal
- Shiba Inu whales have scooped up 256 billion SHIB tokens as the Dogecoin-killer started its recovery.
- The spike in Shiba Inu burn has sent burn rate up 600%, over 130 million SHIB were sent to dead wallets.
- The fiftieth largest Shiba Inu whale holds 1.25 trillion SHIB worth 13.3 million.
The two largest Shiba Inu whales started accumulating the meme coin through its recent dip in price. Shiba Inu price bounced off critical support level at $0.0000098, and the meme coin is ready to recover from the recent decline. Analysts reveal a bullish outlook on SHIB.
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Shiba Inu whales accumulate $2.71 million worth of SHIB
Typically, large wallet investors scoop up the meme coin during its downtrend. In the recent downtrend, two large Shiba Inu whales accumulated a whopping $2.71 million worth of 256 billion SHIB tokens within a 24 hour period.
The most popular Shiba-Inu-themed cryptocurrency made an attempt to bounce off crucial support at $0.0000098. Two deep-pocketed SHIB investors poured millions in three transactions to revive the meme coin from its decline.
The whale is the fiftieth largest Shiba Inu holder and adding $1.32 million worth of SHIB to their portfolio increased their holdings significantly. The whale added this in two transactions within a 24 hour period.
50th largest SHIB whale accumulates Shiba Inu
Shiba Inu burn rate climbed to 600%
Based on data from Shibburn, a total of 132 million SHIB tokens have been permanently destroyed by the joint efforts of the SHIB army. This has triggered a 600% increase in the Shiba Inu burn rate.
Two of the largest burn transactions, 54,946,535 and 30,763,170 are recorded on the burn portfolio, both performed by the same mysterious wallet 0x8621a6b76a1c39713997b98230a7bb05526f89b3.
Shiba Inu holder count hit new all-time high
Shiba Inu holder count climbed in September 2022, to hit a new all-time high. Over 100,000 holders were added to the list and a total of 2,203,375 users hold Shiba Inu. On Shiba Eternity’s worldwide release, the meme coin added roughly 10,000 holders.
Analysts have set a target of $0.00001081, $0.00001109 and $0.00001156 for Shiba Inu. Army_Shiba is bullish on a Shiba Inu price rally.
SHIB-USDT price chart
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
