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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Shiba Inu Remains Steady, Despite Major Market Activity

Opeyemi Sule
Opeyemi Sule
1 year ago
3 mins read
Shiba Inu

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Shiba Inu, the popular meme-inspired token, continues to trade at a steady range, despite major activity in the market over the past two weeks. As of this writing, Shiba Inu (SHIB) is valued at a price of $0.00001123, tallying a 3.4% increase in the past two weeks, according to data from CoinGecko. However, it is worth noting that the token has been experiencing a slight 0.98% decline in the last 24 hours.

Top Shiba Inu Whale Dumps Token

According to Etherscan.io data, the 29th-largest Shiba Inu whale dumped a staggering 538 billion SHIB over the course of 12 days in five significant transactions. In a selling spree that kicked off on April 2nd, the whale sold 20 billion SHIB (worth $2.25 million) in one transaction.

This huge sale was followed by an additional 100 billion SHIB and 88 billion SHIB on April 5 and April 7, respectively. Four days later, the whale disposed of another 72 billion SHIB valued at $812,880. Finally, in a transaction executed nearly 48 hours from press time, this individual sold off an additional 78 billion SHIB (worth approximately $880k).

Despite the relentless sell-off, this Shiba Inu whale still owns a staggering 3.59 trillion SHIB – valued at about $40.31 million. So, it remains to be seen whether the dump will continue or cease.

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1 year ago

Stable Market Condition Not Affected By Massive Burn Numbers  

The burn numbers in the first half of April have been tremendous, with over 1.52 billion SHIB burned in the past 24 hours. This represents a staggering 45237.78% increase in the token’s burn rate. The Shiba Inu community collectively set fire to these tokens through 12 different transactions, most of which were carried by a mysterious wallet, Koyo (KOY).

However, the cryptocurrency’s price has not been reflective of its increasing SHIB burn rate. Despite the positive trend, which also saw nearly 7 billion SHIB tokens burned in March, the value of the coin is not reaching expectations.

On the Shiba Inu Telegram channel, a particular member expressed their frustrations at the failure of the SHIB price to move up – as expected. In response, Shytoshi Kusama – the lead developer of SHIB –  called the meme coin an exciting investment for swing traders.

According to him, following the recent surge in BTC and ETH prices, many traders are expecting the altcoin season to begin soon, which would likely also benefit the SHIB price. Additionally, Kusama mentioned that the burns are still too low to make any significant impact on the value of Shiba Inu.

While the SHIB burn numbers sound pretty outstanding, they are much less remarkable when converted to fiat. For example, the record-breaking 1.52 billion SHIB burned in the past day was worth just $17,070.

Compared to the coin’s total circulating supply of 589,536,819,759,861 SHIB, only 0.000258% of all circulating SHIB tokens were burned in the last 24 hours. This explains why the price of Shiba Inu has remained stable despite significant market activity.

Shiba Inu

SHIB trading at $0.00001123 | Source: SHIBUSD chart on TradingView

Related Reading: Shiba Inu Community Destroys 35 Million SHIB, Will It Shift The Momentum?

Featured image from Dreamstime.com, chart from TradingView
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Opeyemi Sule
Opeyemi Sule

Opeyemi Sule

Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.

Read more

Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part - in fact, far from it.

Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.

When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.

Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.

Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.

Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.

Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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