Less than an hour ago, two whale investors purchased over 12 billion Shiba Inu meme coins in total, as reported by Etherscan. The transactions were made from the major cryptocurrency trading platforms, KuCoin and Binance. The first transfer involved 3,999,499,999 SHIB, while the second transfer contained 8,850,930,915 SHIB.
Additionally, the second wallet has let over 90 billion SHIB tokens through itself in the last 24 hours. These transfers originated from three major crypto exchanges, Binance, Coinbase, and OKX. Interestingly, the wallet moved each SHIB lump to a different address immediately after each purchase.
Furthermore, the data reveals that the first wallet didn’t only purchase a four billion SHIB lump from KuCoin, but also three additional SHIB amounts of the same value in the past 24 hours.
Source: Etherscan
Recently, large investors, known as whales, have purchased massive amounts of Shiba Inu, with one whale buying 92 billion SHIB and another buying 384 billion SHIB. Meanwhile, the lead developer of SHIB, Shytoshi Kusama, has been announcing that Shibarium’s beta version will be launched as soon as possible.
In a positive development for SHIB and other cryptocurrencies, Binance exchange and its Binance Pay service have entered into a partnership, enabling these digital assets to be used as payment at more than 600 vendors in Georgia, including popular hotels, restaurants, and supermarkets.
The partnership was formed with CityPay.io, which allows businesses to sell their products and services in digital currencies. This partnership expands the potential use cases for SHIB and other cryptocurrencies beyond the traditional realm of digital asset trading.
Shiba Inu (SHIB) Burn Rate Turns Out Extremely Low In February
It is impressive to see that the Shiba Inu community is taking an active role in regulating the supply of SHIB through strategic burns and stakes. The fact that over 410 trillion SHIB have already been burned is quite significant. It is also worth noting that Ethereum co-founder Vitalik Buterin is responsible for the majority of this burn, which adds an interesting dimension to the story.
Overall, it will be interesting to see how the SHIB burn rate evolves in the future and how the Shiba Inu community continues to regulate the supply of SHIB.
It is interesting to see that the price is currently holding above key support at $0.000012, which is a positive sign for bulls. However, the fact that SHIB is approaching the 200 EMA on the daily chart is a cause for concern, as a break below this level could signal a bearish trend reversal.
SHIB/USD 4-hour chart | Source: TradingView
It is good to consider both bullish and bearish scenarios, and the possibility of a bounce to the upside with a potential target price level of $0.00001382 is also worth noting. As always, it is important to remember that technical analysis is just one aspect of trading and should be combined with fundamental analysis and risk management strategies for informed decision making.
Read more:
- Large Shiba Inu Investor Has Extended His Meme Coin Bet, Adding Another 92 Billion SHIB
- Bankrupt Crypto Broker Dumps Shiba Inu (SHIB) Worth $3.5 Million In 24 Hours, But Worst Is Ahead