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Shiba Inu Triggers 627% On-Chain Spike as SHIB Price Jumps

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Sat, 11/11/2023 - 11:54
Shiba Inu Triggers 627% On-Chain Spike as SHIB Price Jumps
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Shiba Inu experienced a significant surge in early Saturday trading, reaching intraday highs of $0.00000966 at the time of writing.

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The rally consolidated on the prior day's advance by bulls, which saw Shiba Inu gain a foothold above the daily MA 200 barrier at $0.00000805, which constituted an impediment to Shiba Inu's price rise in the past week.

As Shiba Inu seeks to flip this touted barrier into support, its price might be on course to erase a zero as bulls' next target remains $0.00001134.

Inflows for Shiba Inu have been strong this week, particularly from whales or large holders. According to IntoTheBlock data, Shiba Inu is demonstrating a 627% surge in large holder inflows in this regard and time frame.

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Large Holders Inflow tracks funds flowing into whales' addresses and may indicate significant buying activity. Spikes in large-holder inflows can indicate price bottoms, because whales prefer to buy in bulk after significant corrections.

SHIB's price was reacting positively to the large holder inflow spike and was up 13.39% in the last 24 hours to $0.00000947 at the time of writing.

Shiba Inu marked new achievements this week

Shiba Inu revealed the first edition of The Shib Magazine to its community this week, as well as a wonderful treat for early subscribers: 1,000 free NFTs of the first edition cover.

The Shib Magazinе, which is published weekly, would serve as users' gateway to groundbrеaking idеas, thе latеst innovations and fascinating updates within the Shibarium ecosystem and beyond.

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Shiba Inu Burn Rate Jumps 535% With Quarter Billion SHIB Burned

The Shiba Inu team also shared exciting news about the SHIB wallet, which has added a new and unique feature that helps users recover their wallets even if they have forgotten their seed phrases.

The Shib platform has also seen the integration of Web3Auth, which streamlines the user onboarding process to make it simple and easy.

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