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In a recent development, Justin Sun, the founder of the Tron blockchain (TRC) and a prominent Shiba Inu (SHIB) token holder, has reportedly withdrawn a staggering $8.1 million worth of various cryptocurrencies from the world's largest exchange, Binance.
As the crypto community finally welcomes the approval of a spot Bitcoin ETF, the spotlight has also turned to meme coins, particularly Shiba Inu. Large investors have been making significant moves by purchasing or withdrawing Shiba Inu from various crypto exchanges, resulting in a notable decline in exchange balances.
The transaction count on Shiba Inu's layer-2 blockchain Shibarium is approaching the crucial milestone of 300 million.
Shiba Inu, the popular cryptocurrency, has recently witnessed a significant uptick in its trading value. This shift marks a notable recovery following a prolonged period of depreciation.
The cryptocurrency world was anything but dull this week. Major developments, from a surge in Shiba Inu whale transactions to significant liquidations of long crypto positions, kept the market on its toes.
Shibarium, the Layer-2 blockchain solution of Shiba Inu, is nearing a significant transaction milestone as it approaches the 300 million mark. This development marks a noteworthy achievement in the blockchain's relatively short history since its mainnet launch in August 2023.
Shiba Inu (SHIB), the Doge Killer, has reversed its course of extended losses with a significant price hike lately. In addition, the meme crypto has registered a notable surge in its derivatives investments.
The intriguing actions of these influential players add an element of mystery to SHIB's surge, leaving the crypto community curious about the motivations behind this substantial price increase. Shiba Inu (SHIB) Witnesses Surge in On-Chain Activity Shiba Inu (SHIB), the dog-themed cryptocurrency, has experienced a significant surge in on-chain activity within the last 24 hours.
Dog-themed cryptocurrency Shiba Inu (SHIB) has seen a massive spike in on-chain activity in the last 24 hours, as some of the largest holders of the token or whales have moved significant amounts of SHIB to different destinations.
The cryptocurrency has retreated and is retesting the current support level of $0.00000890. According to price analysis by Coinidol.com, the bears tested the current support three times as the cryptocurrency rose above it.
The Shiba Inu (SHIB) price has fallen since the start of 2024 and returned to a horizontal support area.
The Layer-2 blockchain Shibarium continues to approach beyond the milestones it has reached so far towards new highs. Currently, despite a sharp decline in on-chain activity that has been observed recently, it is approaching a new historic utility milestone.
Even though the Shiba Inu (SHIB) Shibarium is making good progress towards a big milestone, there are signs that suggest not everything is on the upswing. Important numbers show that there might be a shortage of new people joining in and fewer transactions happening.
Dogecoin (DOGE) took the lead by being the first memecoin, but Shiba Inu (SHIB) quickly climbed to fame in just three short years. Both projects have strong communities, and more folks are jumping on the bandwagon each year.
Shiba Inu has experienced a significant breakdown from its recent consolidation phase. The chart depicts a clear downward trajectory as SHIB failed to maintain its position within the ascending triangle pattern it had formed over the past few months.
A whale transaction involving a massive transfer of 4.2 trillion Shiba Inu (SHIB) tokens, valued at $38 million, was recorded. Whale Alert, a popular tracker of large cryptocurrency transactions, flagged this transfer from the Bitvavo exchange to an unidentified wallet.
The meme coin sector remains under bearish pressure as Bitcoin experiences a significant decline, threatening to drop below the $40,000 level. In this situation, the price of Shiba Inu (SHIB) is caught in a downward consolidation trend, facing a low open interest.
A massive 4.2 trillion Shiba Inu (SHIB) tokens, equivalent to about $38 million USD, were transferred from the Bitvavo exchange to an unidentified wallet.
Bears keep controlling the situation on the market, according to CoinStats.
After a gruesome week marred with frequent bloodbaths, the crypto market is calm again. However, there's a long road to profitability.
The path of least resistance is gradually changing with Shiba Inu price respecting support at $0.0000092. Although not strongly bullish, the second most prominent meme coin climbed to $0.00000092 during US business hours on Friday.
The Shiba Inu price saw a decline alongside the rest of the market in Thursday's trading session. The market fell precipitously, with Bitcoin plunging near the $40,000 level.
Shiba Inu (SHIB) is looking to reboot its price and network outlook after more than two weeks of battered price movement. As it stands, Shiba Inu may be on its way to erasing one more zero from its price which, at the time of writing, is pegged at $0.000009246.
According to recent data published by the Shibburn crypto wallet tracker, the Shiba Inu community has disposed of a substantial number of meme coins within the last week. Still, there is a big negative factor showing up in this metric this time.
