Bitrabo Editorial
Shiba Inu (SHIB) might be gearing up for a significant recovery, with a possibility of surpassing the critical $0.00002 mark. Recent trading volume data reveals a substantial amount of investor interest in this meme coin.
Large Volume of 2.4 Trillion Shiba Tokens Transferred
Recent data from IntoTheBlock indicates that a notable 2.4 trillion Shiba Inu tokens were exchanged in the past 24 hours, suggesting active accumulation by Shiba Inu whales. These whales have been particularly active, with transactions totaling 3.45 trillion tokens on July 16.
There has been a recent surge in large transactions of SHIB tokens, coinciding with a market rebound. This uptrend signifies a potential accumulation phase by whales in anticipation of future price increases for Shiba Inu.
These significant token transfers by whales could pave the way for Shiba Inu to explore new price territory and reach unprecedented highs, starting by reclaiming the crucial support level at $0.00002.
If Shiba Inu manages to surpass this level, it could potentially rise to $0.000024 with minimal selling pressure, given the limited supply available for purchase, allowing whales to absorb any additional tokens released into the market.
Fundamentals Driving Shiba Inu’s Price Recovery
Shibburn data highlights a remarkable 870% surge in the burn rate of Shiba Inu tokens within the last 24 hours, with over 8.7 million tokens incinerated during this period. Over the past week, approximately 85 million SHIB tokens have been burnt, exerting a positive influence on the coin’s value amidst increasing demand.
An upcoming launch of the SHIB marketplace on the Shibarium network will further boost activity, leading to more token burns. Shibarium has committed to using transaction fees earned on the network for the purpose of purchasing and burning Shiba Inu tokens.
As of the latest data from CoinMarketCap, Shiba Inu is currently trading around $0.00001882, experiencing a minor decline of over 3% in the last 24 hours.