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Shiba Inu: Whales Invest Over $35M - Is Bull Season Begin Now?

 


In the past seven days, the SHIB price has increased by over 15%. According to transaction data, this is also thanks to massive buying by some whales – is the memecoin going into a bull market?


Whales pounce on the memecoin Shiba Inu: In one day, two major wallets invested a combined value of over $35 million in SHIB. Simultaneously with the transactions, the price of the token also increased.


In the last 24 hours alone, SHIB is up over 11% and has seen more than $617 million in trading volume.

While the token just broke a key resistance level, a whale bought about 119.3 billion Shiba Inu . Another acquired a whopping 3.36 trillion SHIB worth about $33.6 million. Remarkably, these are new wallet addresses and both transactions took place within 24 hours .


As is usual for memecoins, the price behavior of Shiba Inu is often unpredictable . However, there have been some important developments in the ecosystem recently. Furthermore, the general situation of the crypto market has improved in the past few days, with digital assets recording high price jumps in some cases.


The DOGE price also showed impressive growth with an increase of over 21%. This is great news for memecoin enthusiasts, although this rally may be short-lived.


The Shiba burn rate also increases massively

Simultaneously with the increase in the Shiba Inu price, the token’s burn rate also skyrocketed . The SHIB Burn Tracker shows an impressive 1,934% increase in the last 24 hours - another possible reason for this price action.


Over the past week, SHIB is up over 15% from $0.00001001 to around $0.00001161. The token surpassed the $6 billion mark for the first time in almost three weeks .


SHIB as (indirect) payment method for Netflix and Amazon

According to reports, investors will soon be able to indirectly pay for Netflix and Amazon services with SHIB. The payment service FCF Pay announced that it will soon support SHIB with its prepaid debit cards.

However, Netflix and Amazon users do not pay directly with SHIB. Rather, they can pay for any service that supports FCF Pay's prepaid debit card. Of course, any of the supported cryptocurrencies can be used for this .


FCF Pay converts the cryptocurrencies into fiat upon purchase. In addition, real estate brands Pacaso and Condos.com will soon also accept SHIB via BitPay – another step towards crypto adoption.


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All information contained on our website has been researched to the best of our knowledge and belief. The journalistic contributions are for general information purposes only. Any action taken by the reader based on the information found on our website is entirely at their own risk.

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