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Crypto Whales Scoop Up Over $35M in Shiba Inu (SHIB), Signaling Bull Season

2 mins
Updated by Geraint Price
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In Brief

  • Whales have been scooping massive amounts of Shiba Inu as the market experiences positive momentum.
  • One whale purchased over 3.3 trillion SHIB, worth about $33.6 million.
  • The Shiba Inu burn rate has also spiked recently, and the price has gone up by over 15% since last week.
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Shiba Inu (SHIB) price has increased by over 15% in a week as whales scoop up large amounts of the token. The transactions suggest that there might be a large group of whales stocking up on SHIB.

Whales are heading over to meme coin Shiba Inu as large holders have purchased over $35 million in a day. The transactions have taken place as the price has been increasing considerably.

SHIB is up over 11% in the last 24 hours, with a trading volume that exceeds $617 million.

Shiba Inu (SHIB) Price
SHIBA/USDT Chart by TradingView

One whale bought about 119.3 billion SHIB, just as the token was breaking its resistance level. Another one bought a whopping 3.36 trillion SHIB, worth about $33.6 million. Remarkably, these are both new whales and both transactions took place in a span of 24 hours.

Whales stock up on Shiba Inu (SHIB)
Whale piling up SHIB: Etherscan

As a meme coin, Shiba Inu can be unpredictable when it comes to its price. However, there have been some major developments happening in the ecosystem. The market has also been improving generally, with all assets seeing high price bumps over the past few days.

Fellow meme coin DOGE also saw a huge increase in price, with the token increasing by over 21% in value. This bodes well for those who go after meme coins, though the price spike might not last long.

SHIB Burn Rate Also Increases Massively

The increase in SHIB price comes as the burn rate also spikes. The SHIB Burn tracker shows that the burn rate has risen by a massive 1,934% in the last 24 hours. This could be one of the reasons behind the price bump.

Shiba Inu (SHIB) Burn Rate
SHIB burn rate visualized: Shibburn

SHIB has gone up in price by over 15% in the last week. The token is now $0.00001161, having been at around $0.00001001 seven days ago. The token has now crossed the $6 billion mark for the first time in nearly three weeks.

Users Can Pay for Netflix and Amazon (Indirectly) Using SHIB

There have been reports that SHIB holders may soon be able to pay for Netflix and Amazon services indirectly using SHIB. The payment feature comes thanks to FCF Pay, which says that it will soon support SHIB in its prepaid debit cards.

Users are not paying for Netflix and Amazon directly. Rather, they are paying for the services through FCF Pay’s prepaid debit card and whatever crypto assets it supports.

What the payment services provider does is convert the crypto asset into fiat at the point of purchase. Another move forward in terms of adoption is the fact that real estate brands Pacaso and will also accept SHIB via BitPay.

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Rahul Nambiampurath
Rahul Nambiampurath's cryptocurrency journey first began in 2014 when he stumbled upon Satoshi's Bitcoin whitepaper. With a bachelor's degree in Commerce and an MBA in Finance from Sikkim Manipal University, he was among the few that first recognized the sheer untapped potential of decentralized technologies. Since then, he has helped DeFi platforms like Balancer and Sidus Heroes — a web3 metaverse — as well as CEXs like Bitso (Mexico's biggest) and Overbit to reach new heights with his...