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Amid the growing push for consolidation in the broader crypto ecosystem, an unusual Shiba Inu whale transaction was flagged on-chain. Per data from Whale Alert, 3,368,549,976,020 SHIB were shifted on-chain in just one minute. Valued at $51,151,431, this marks one of the most significant single whale transactions since the start of the year.
Shiba Inu whale transaction and SHIB price boost
Large transactions worth at least $100,000 are seen every day in the Shiba Inu ecosystem. However, their frequency often differs. This latest whale transaction, per Whale Alert, moved between two anonymous wallets, showing how tedious it is to guess what the fund is meant for.
Gamza KhanzadaevWhile this may be a means to balance portfolios, cautious sentiments have emerged in the community. Notably, the digital currency is changing hands at $0.00001518, down by 3.08%. Investors rely on two events for a token with massive volatility to stir a revival for SHIB and possibly the broader market.
The first is the large SHIB transactions and the Shiba Inu burn rate trends. If investors are convinced that Shiba Inu has wealthy holders, it can attract more new adopters, as they will benefit from the long-term visions of these whales.
The burn rate also matters in complementing whale transaction actions. Lately, the burn rate has grown by a small spike. However, current figures cannot stir the needed change. To proponents, Shiba Inu may need to maintain a positive rating on all key performance metrics to flip its bearish outlook in the short term.
The SHIB advantage
Notably, SHIB whale transactions are not uncommon. Meanwhile, another school of thought hinges on the epic 3.3 trillion Shiba Inu transfer being a product of exchange activities. The temporary offset this transfer may have caused is justified if it translates to HODLing, drives scarcity and pushes price growth soon.
Amid the wait, the broader SHIB ecosystem is profiling key updates and watching Shibarium for sustained adoption and growth.
Gamza Khanzadaev
Tomiwabold Olajide
Dan Burgin
Vladislav Sopov