What's Going On With 'Dogecoin Killer' Shiba Inu?

Shiba Inu SHIB/USD is trading sideways, slightly dipping 0.8% over the past 24 hours despite notable whale movements and a broader cryptocurrency market rally. 

What Happened: According to data from Whale Alert, 692.4 billion SHIB tokens, valued at $19.26 million, were transferred from a Crypto.com wallet to an unknown wallet.

This transfer has increased the unknown wallet’s total portfolio value to $53.3 million, with the Layer-1 coin Cronos being the next top holding, valued at $10.9 million.

The wallet also contains other notable meme coins, such as Pepe and Floki, each worth more than $1 million.

Shibburn data reveals that a single transaction burned 91.1 million tokens, resulting in a 338.3% increase in the burn rate. Another transaction, which occurred on Monday morning, contributed to the surge by burning 12.4 million tokens.

Also Read: ‘Dogecoin Killer’ Shiba Inu Bounces 6% On 1,058% Explosion In Large Holder Net Flow

Why It Matters: IntoTheBlock data shows a 47.8% increase in large transaction volume, reaching 58.4 million, while daily active addresses also rose by 24%. Furthermore, transactions exceeding 100,000 increased from 118 on April 6 to 215 on April 7.

U.Today reports that a significant 58 trillion SHIB, representing 9.84% of the total circulating volume, is concentrated between the current price and the desired $0.000045 per SHIB target. Breaking this barrier could potentially lead to further upward price movements

Price Action: Despite these developments, SHIB has not been able to capitalize on the market rally, trading at $0.00002854 at the time of writing, down 0.8% on the day and 2.2% on the week.

What’s Next: The influence of meme coins and Bitcoin as an institutional asset class are topics expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: ‘Dogecoin Killer’ Shiba Inu Records 2,330% Monthly Burn Rate, 1 Trillion SHIB Moved In Whale Transactions

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