The price of the Shiba Inu (SHIB) memecoin continues its only rally amid heightened whale transactions. Per current market cap data, SHIB price was trading at $0.00002566, up 1.2% in the last 24 hours and 52% in the past week.
The SHIB burn mechanism is a key factor contributing to the memecoin’s bullish movement.
Large Shiba Inu Transactions Are Skyrocketing
According to IntoTheBlock data, SHIB transactions from large investors, often called whales, surged by 565% within the past day. Specifically, the whale transaction count increased to 1,440 in just 24 hours.
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Additionally, the volume of the large SHIB transactions amounts to $551 million. In SHIB terms, this translates to 21.11 trillion SHIB tokens. These moves in the popular meme-based crypto have raised discussions about the SHIB’s price trajectory.
Large investors usually refer to investors who have conducted transactions worth over $100,000 within a specific time frame. These investors usually influence the price due to the large amount of tokens in their possession. When whales are active, it could indicate that they are increasing their holdings or preparing to sell. In either case, it will affect the Shiba Inu token’s price performance.
Large players are accumulating more SHIB tokens, raising questions about the possibility of further bullish outcomes for SHIB in the foreseeable future. Shiba Inu surged to highs of $0.000028 in Monday’s trading session as bullish sentiment on the broader crypto market spilled over to dog-themed tokens.
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The rally comes after Bitcoin reached an all-time high above $82,000.
Influence of SHIB Burn on Shiba Inu Price Momentum
Besides the 565% increase in whale net flows, other factors have pushed SHIB’s price higher. Recent data from Shibburn shows an 1837.49% surge in the SHIB burn rate. 463,450,468 SHIB tokens were removed from circulation in just 24 hours.
According to the details, this stunning token incineration resulted from seven burn transactions since November 10. One stood out due to its size: 412,144,084 SHIB. The other top three transactions include 46,754,762 SHIB, 3,000,000 SHIB, and 1,240,000 SHIB transferred to dead blockchain wallets.
Notably, the Shiba Inu network conducts period token burn to reduce supply. Eventually, this leads to higher prices as demand increases.
Shytoshi Kusama and the Elon Musk S.H.I.B Proposal Pitch
In a recent post, Shiba Inu’s marketing expert Lucie highlighted a recommendation from lead developer Shytoshi Kusama. On Sunday, Elon Musk made an X post, asking for recommendations for roles in Donald Trump’s new administration.
Wasting no time, Kusama quickly sold his Strategic Hub for Innovation in Blockchain (S.H.I.B) strategy to the new government. “I think the Strategic Hub for Innovation in Blockchain would be a good start,” Kusama opined.
Backtracking, Kusama informally presented the new venture to the US government following Trump’s election win. The proposal seeks to turn a chosen city into the “Silicon Valley of Crypto” and reinforce U.S. leadership in digital technologies. The plan involved establishing the necessary physical and digital infrastructure, awarding economic incentives, and investing in talent development.
