Shiba Inu Recovery: 2.4 Trillion Tokens Moved In 24 Hours
Shiba Inu (SHIB) might rebound significantly and break $0.00002 again. The meme coin's 24-hour trading volume demonstrates that investors are strongly involved in the crypto asset.
2.4 Trillion Shiba Tokens Move
The market intelligence tool IntoTheBlock reported 2.4 trillion Shiba Inu token trades in the previous 24 hours, suggesting whale buildup. IntoTheBlock data shows that these whales exchanged 3.45 trillion coins on July 16.
On July 11, they exchanged 854.29 billion SHIB tokens, their lowest amount in seven days. Shiba Inu's big transaction volume rose with the crypto market's comeback. This shows that whales are buying more SHIB before meme currency price increases.
Shiba Inu, the second-largest meme currency by market cap, may achieve new highs because to this accumulation pattern caused by these whales. First, the Shiba Inu must break $0.00002, a key support level.
Once it recaptures this level, the meme currency shouldn't encounter much selling pressure and might surge to $0.000024. Since only 74 trillion Shiba Inu tokens were acquired at this time, whales may easily suck up the supply if the wallets that bought them sell.
Fundamentals Could Revive Shiba Inu Price
In the previous 24 hours, the meme coin's burn rate has surged by over 870%, burning over 8.7 million tokens, according to Shibburn. Over 85 million SHIB tokens were burned last week. This is crucial because token fires affect meme coin prices, particularly as demand rises.
On Shibarium, the SHIB marketplace should start shortly. Shiba Inu burns will grow due to layer-2 network activity. Shibarium has pledged to purchase and burn Shiba Inu using network transaction fees.
