Shiba Inu (CRYPTO: SHIB) could not spur a rally last week despite whale movements and recent token burns.
What Happened: Etherscan data indicated a movement of 2 trillion Shiba Inu tokens, worth $78.5 million, between hot wallets of the Crypto.com exchange. Furthermore, Arkham data shows that the exchange's hot wallet holds 2.98 trillion Shiba Inu tokens worth $97.7 million.
Whale Alert data indicated a transfer of 332.4 million Shiba Iinu tokens from professional crypto trading firm Cumberland to an unknown wallet.
Separately, Shibburn data revealed a single transaction burning 211.5 million Shiba Inu tokens in the past 24 hours.
Pseudonymous lead developer Shytoshi Kusama noted in a tweet that Shiba Inu developers, unlike Floki developers, do not have one trillion tokens to burn.
IntoTheBlock data, as reported by U.Today, stated the total number of addresses ever created and those who at one point have held Shiba Inu (including those that still do) peaked at a new high of 3.88 million. Of the total, 1.29 million currently hold the token. Additionally, 72% of Shiba Inu holders were in profit by holding the token, while 15% were not.
Also Read: Dogecoin, Shiba Inu Welcome Dogwifhat In $2B Market Cap Club: Why Do Dogs Dominate Cats in Crypto?
Why It Matters: Based on DeFiLlama data, Shibarium's total value locked (TVL) peaked at its all-time high of $2.25 million on March 5 when the Shiba Inu token price surged significantly.
With fluctuations in the price for two days, TVL dropped to $1.76 million currently; however, it remained higher than its previous peak of 1.5 million in August 2023.
Supporting the network's high TVL were the cheaper fees and faster transactions it offered, thereby pushing transactions on the network to over 400 million.
A heavily followed crypto trader, SHIB WOOF, teased the crypto community, stating, "A big announcement is coming," with an image of the Shiba Inu symbol surrounded by burns.
Shiba Inu's price correlation with Bitcoin stands at 0.92 indicating parallel movement with the current bullish Bitcoin movement. After a week of flat trading, what’s next for the meme coin?
Photo: Pixabay
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