SHIB Surge: Shiba Inu Whale Shifts 3 Trillion Coins, Fueling a 70% Price Rally

Today, on Mar 2, Shiba Inu, a prominent meme coin in the cryptocurrency space, garnered considerable focus once more. Its price surged by almost 70%, igniting enthusiasm among traders and investors worldwide in the crypto market. In the midst of this remarkable rally for SHIB’s, a substantial whale transaction was unveiled by the blockchain tracker Whale Alert, featuring the transfer of an impressive 3.02 trillion SHIB. This event captured the attention of crypto enthusiasts within the market.

This large SHIB transfer matches increasing on-chain activity. It shows confidence in SHIB. Coinglass data sparked a surge in positive sentiment for SHIB, fueling more excitement.

Interestingly, amidst a wave of progress demonstrated by the Shiba Inu community, a captivating whale transaction has emerged, sparking added optimism for the SHIB token. The Shiba crypto community has recently introduced a multitude of enhancements to the meme coin’s ecosystem, setting the stage for the SHIB rally. These include significant developments such as the SHEboshi launch, the upcoming KNINE launch, Sharbi’s FETCH bridge, and various others.

Whale’s Move: 3 Trillion SHIB Sparks Optimism

In line with these advancements, the transfer of almost 3 trillion SHIB’s by a whale has piqued interest. As per Whale Alert’s data, an unidentified wallet moved the aforementioned SHIB amount to another undisclosed wallet today. This transaction indicates a strengthened confidence among SHIB whales, reflecting increased on-chain activity rather than a trend of selling off to exchanges.

Market participants predict potential SHIB’s price effects as 3 trillion tokens are moved. The price of the Shiba Inu has risen by a huge 65.91% in the past day. In the past day, Shiba Inu’s trade volume surged by 293.98%, showing it’s still liked by crypto users.

However, Coinglass simplified derivatives data. It showed a rising trend like SHIB’s price increase. The optimism increased with a rise in the OI-weighted financing rate. All things considered, similar to Shiba Inu’s most recent reports, the meme coin seems to be riding a bullish trend. But an overbought situation raises the possibility of an impending decline.

Related Reading |

The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.

Comments (No)

Leave a Reply