Shiba Inu Accumulation Spike – SHIB Price May See Massive Rally in October

The post Shiba Inu Accumulation Spike – SHIB Price May See Massive Rally in October appeared first on Coinpedia Fintech News

Shiba Inu (SHIB) had a strong year in 2021, increasing by over 1,000% to rank among the greatest performers on the market. SHIB, however, has been experiencing a bear run this year, just like many other coins.

The price remains low despite the encouraging developments and the impending release of Shibarium, the layer-2 scaling solution. The meme coin was up about 3% overnight and hinting towards a rebound.

To build its ecosystem, the Shiba Inu team has been engaged in a number of projects. The Shiba Inu Eternity game, SHIB Burns, and SHIB Metaverse are just a few of the advancements being developed.

Whale Accumulation

The Ethereum network’s large wallet investors are eager to hoard Shiba Inu. Overnight, the 130th-largest Ethereum whale amassed 272 billion Shiba Inu coins.

According to information from WhaleStats, “Galion” has recently accumulated an incredible sum of 272,000,000,000 SHIB from two different transactions in the last 24 hours.

The dealer contributed 100 billion Shiba Inu in the first transaction and 172 billion in the second over the course of more than 8 hours of activity. The cost per purchase was $0.0000109 on average.

Shiba Inu has flipped Basic Attention Token (BAT), a well-known blockchain-based medium of exchange utilised by marketers, publishers, and content users, among big wallet investors on the Ethereum blockchain, in terms of trade volume.

Among wealthy Ethereum whales, Shiba Inu is currently the cryptocurrency that is most frequently exchanged.

Shib’s burn mechanism a boon?

The development of SHIB’s token burn mechanism is one of the main factors contributing to its growth. The asset’s token burn hit triple digits on Sunday, according to a tracker, an increase of 1,031% at the moment. Of course, there is still a tonne of SHIB floating about. The total supply of the asset is 559,798,745,474,173, which is a lot more than most coins.

Notably, the community of Luna Classic introduced its 1.2% tax burn earlier this month in an effort to address this issue.