Crypto Whales Collect $35M in Shiba Inu (SHIB), Signaling Bull Season
The Shiba Inu (SHIB) price has surged over 15% in a week as whales scoop up large amounts of the token. The transactions suggest that there may be a large group of whales stocking up on SHIB.
Whales are heading to meme coin Shiba Inu as big owners have bought over $35 million in one day. The transactions have occurred as the price has increased considerably.
SHIB is up over 11% in the last 24 hours, with a trading volume exceeding $617 million.
A whale bought around 119.3 billion SHIB, just as the token broke the resistance level. Another bought a whopping 3.36 trillion SHIB, worth about $33.6 million. Remarkably, these are both new whales and both transactions took place within 24 hours.
Like a meme coin, the Shiba Inu can be unpredictable when it comes to its price. However, there have been some major developments in the ecosystem. The market has also generally improved, with all assets seeing high price shocks in recent days.
Fellow meme coin DOGE also saw a huge price increase, with the token increasing by over 21% in value. This bodes well for those going after meme coins, although the price increase may not last long.
The SHIB burn rate also increases tremendously
The increase in the SHIB price comes as the burning rate also increases. The SHIB Burn tracker shows that the burn rate has increased by a whopping 1934% in the last 24 hours. This may be one of the reasons behind the price increase.
SHIB has gone up in price by over 15% in the last week. The token is now $0.00001161, after being at around $0.00001001 seven days ago. The token has now crossed $6 billion for the first time in almost 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 function comes thanks to FCF Pay, which says it will soon support SHIB in its prepaid debit cards.
Users do not pay directly for Netflix and Amazon. Rather, they pay for the services through FCF Pay’s prepaid debit card and whatever cryptoassets it supports.
What the payment service provider does is convert the crypto asset to fiat at the point of purchase. Another advance in terms of adoption is the fact that real estate brands Pacaso and Condos.com will also accept SHIB via BitPay.
Disclaimer
All information on our website is published in good faith and for general information purposes only. Any action the reader takes on the information contained on our website is strictly at their own risk.
