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- A Shiba Inu whale amassed $21.72M in SHIB, boosting market optimism and driving a 2% price rise in 24 hours.
- SHIB burn rates surge, reducing supply and fostering bullish sentiment, with a target price of $0.000037 forecasted.
- Whale activity signals confidence in SHIB’s growth as investors eye potential highs amid favorable market conditions.
A major Shiba Inu whale has sparked interest by adding $21.72 million in SHIB tokens to its holdings. This purchase came after the whale had been inactive for one month. On November 29, on-chain data from Arkham Intelligence revealed that the whale bought 98.196 billion SHIB from the Coinone exchange. The total value of this purchase was $2.54 million.
Large Accumulation Drives Market Attention
This purchase marks the return of the whale after a month of inactivity. The whale’s address, 0x9d9f…, has been a consistent accumulator of SHIB tokens. Since June, the whale has acquired a total of 83.63 billion SHIB tokens from Coinone. The average price for these purchases stands at $0.00001842 per SHIB token.This has again put Shiba Inu back into trends as the whale is currently holding $21.72 million in SHIB.
Since this rise, Shiba Inu has gained approximately 2% in the last 24 hours. At the time of reporting the price for SHIB has been $0.00002595. Fluctuations of the price for 1 day had been observed in the interval of $0.00002494 to $0.00002609. In the previous week, SHIB appreciated by 5%. Furthermore, the coin surged about 39% in the last month only.
Burn Rate and Market Optimism Fuel SHIB Price
In addition to the whale’s activity, Shiba Inu’s burn rate has recently increased. This token burn mechanism reduces SHIB’s circulating supply. As a result, fewer tokens are available, potentially increasing SHIB’s value. The recent increase in SHIB’s burn rate has added to the positive market sentiment surrounding the coin. The combination of high burn rates and large-scale accumulation has created a favorable environment for SHIB price growth.
A recent analysis has brought out a target price of $0.000037 for SHIB. This target is in line with the general market sentiment, especially with the BTC price closing in on $100,000. Basically, the optimism observed in the market and the SHIB burn mechanism should positively impact the future performance of the coin. Currently, investors are eagerly observing how SHIB is performing to achieve this target price.
The Shiba Inu whale’s actions have amplified market interest in the meme coin. As the whale continues to accumulate SHIB, it signals strong belief in the coin’s future growth. This growing interest is also reflected in the token’s positive price movements. Moreover, investors are increasingly hopeful about SHIB’s price reaching new highs as market conditions remain favorable for the altcoin sector. The combined effect of high burn rates, whale accumulation, and a bullish market gives investors a reason to remain optimistic about SHIB’s future.