Shiba Inu Whales Control $2.3 Billion: Is SHIB Set for a Rebound?

Latest data reveals that the top 1000 ETH whales now own 48 trillion Shiba Inu coins worth $2.3 billion. This significant accumulation suggests continued interest in SHIB by major players, despite market fluctuations. These whales hold a considerable portion of the supply, representing 14.79% of all Shiba Inu and FTX. Currently, Shiba Inu whales are holding more than $2.3 billion worth of tokens.

Previously, the same value was at approximately $1.8 billion, highlighting the strong buying activity coming from whale investors. But what does this mean for the future of Shiba Inu?

Shiba Inu Price Fluctuations and Whale Activity

The Shiba Inu price has crashed this year as whales dumped 13 trillion tokens. This dumping likely contributed to the recent price volatility. However, despite these sell-offs, the remaining whale holdings remain substantial, indicating a belief in the long-term potential of SHIB.

Hope on the Horizon: Increased SHIB Burn Rate

Fortunately, the SHIB burn rate has increased significantly, rising by 3,145% today! This increase in token burning aims to reduce the overall supply of SHIB, potentially increasing its value. Is this enough to offset the impact of past whale sell-offs? The increased burn rate, coupled with the significant holdings of top ETH whales, paints a complex picture for the future of Shiba Inu. SHIB price has also seen some positive movement following these developments.

What's Next for Shiba Inu?

The combination of substantial whale holdings (48 trillion tokens worth $2.3 billion) and an increasing burn rate could potentially signal a turnaround for Shiba Inu. Keep an eye on whale activity and burn rate trends to stay informed about the future direction of SHIB. Will whale buying continue to offset previous dumps? Only time will tell.