Shiba Inu (SHIB) Gains 7.5% in a Month Amid Whale Activity and Token Burns
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 3d ago
0mins
Source: Benzinga
- Whale Activity Resurgence: An unidentified Shiba Inu whale on Binance became active after nearly two years of dormancy, transferring 15.18 billion SHIB worth approximately $119,330, indicating increased market volatility and potential upcoming significant developments.
- Token Burn Surge: A total of 29.94 million SHIB tokens were burned in a single day through the Shibarium ecosystem, resulting in a staggering 2,459.5% increase in the burn rate, which helps reduce circulating supply and potentially enhances future price prospects.
- Technical Breakout Potential: Traders note that SHIB is nearing a critical breakout point from a falling wedge on the three-day chart, with price action tightening significantly, suggesting the end of an accumulation phase and the likelihood of a major price movement.
- Positive Market Sentiment: Despite the broader crypto market remaining range-bound, SHIB has gained 7.5% over the past month, reflecting growing investor confidence in the project, particularly as it aligns with its strategic goals in NFT and ecosystem development.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
