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Shiba Inu (SHIB) Soars 18% Last Week: Here's What May Happen This Time

Mon, 06/19/2023 - 09:35
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Gamza Khanzadaev
Unveiling mysterious surge of Shiba Inu token and reviewing future of red-hot cryptocurrency
Shiba Inu (SHIB) Soars 18% Last Week: Here's What May Happen This Time
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In a surprising turn of events, Shiba Inu (SHIB), one of the top tokens, experienced a remarkable surge of over 18% in the past week. What makes this rise even more intriguing is that there were no apparent fundamental reasons to justify such a significant leap in SHIB's price.

Despite the lack of noteworthy news about Shibarium or any endorsements from influential figures, there might be a clue that sheds light on this remarkable occurrence. Observing the wallet of Jump Trading, a renowned trading firm and market maker, a staggering addition of 364.82 billion SHIB was noted between June 12 and 15 alone.

Source: Etherscan

The question that lingers now is whether this trend will persist in the upcoming week. If Jump Trading does not continue accumulating SHIB tokens during this period, it could indicate a potential correlation between SHIB's rate and the broader market. However, considering the larger context, it appears that the break in wallet replenishment by major players might be nothing more than a temporary pause.

Shiba Inu (SHIB) Outperforms Cardano (ADA), XRP and Other Altcoins

Comparing the current balance of Jump Trading's wallet, which now holds approximately 6.12 trillion SHIB, with the 1.17 trillion SHIB balance in July 2022, it becomes evident that the token's growth has been staggering, increasing nearly sixfold in just one year.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.