Shiba Inu (SHIB) stands out as an interesting and rapidly developing player in the cryptocurrency world. It has been on the agenda lately, especially with its horizontal course since the beginning of the year. While the fact that its value remains largely unchanged is disappointing for some, it is considered an important investment opportunity for others. Especially the fact that it has gained only 1.18% in value in the last four weeks provides important clues about how Shiba Inu is currently positioned in the market.
During this period, it is especially important to focus on the behavior of whales. SHIB whales have accumulated more than 4 trillion tokens in the last two months. This has been a major topic of discussion in the crypto community and has brought varying views on the future of SHIB. In particular, these big whales accumulating SHIB by following a long-term strategy can have an impact on the meme coin price. This tendency to slow down sales can reduce short-term price fluctuations and contribute to a more stable course for SHIB.
Since mid-December, the existence of SHIB whales has increased from 493.42 trillion to 497.11 trillion, according to data from Santiment. This suggests that whales have an increasing tendency to collect SHIB. At the same time, there was a significant decrease in the amount of SHIB held on exchanges. This indicates that the demand for SHIB is increasing in the market, which may support the meme coin price upwards.
The decline in tokens held on the exchange contrasts with today’s sharp increase in trading volume. Today, meme coin transaction volume doubled and reached $153 million. Earlier this week, Shiba Inu whales moved 1.6 trillion tokens from Binance, Coinbase and other major exchanges to unknown addresses in rapid succession, with volume increasing by 514%.
What’s next for SHIB?
It is difficult to make an accurate prediction about the Shiba Inu’s future.
While whales are playing their part in providing strong support for SHIB, the meme coin community at large is also doing its part. Activity on the Shibarium network has increased in recent days. On February 7, new accounts increased by a staggering 621%, bringing the total number of accounts on the Layer 2 network to over 63,300. Total addresses reached 1.35 million.
This growth in Shibarium adoption is critical if Shiba Inu is to become more than a meme coin. With Shibarium, Shiba Inu can become a rich ecosystem that includes its own dApps, DeFi platforms, NFTs, DEXs, and more.
You can follow the current price movement here.
Source : crypto news flash