• The Shiba Inu meme coin has seen a 7.33% increase in value in just 7 days.
• A huge Shiba Inu transfer was recorded on the Ethereum blockchain, worth $28.7 million.
• Binance is now the largest holder of the token, with 83 trillion SHIB, or $738.54M.
Shiba Inu (SHIB) is on the verge of a massive rally at the end of the year. The meme coin has seen a surge in its price, increasing by +3.22% over the past 24 hours, pushing the coin’s price to €0.00000816. This trend began shortly after New Year’s Eve and gave Shiba Inu a 7.33% increase in value in just 7 days.
A large Shiba Inu transfer was also recorded on the Ethereum blockchain, according to data from the cryptocurrency transaction tracker firm Whale Alert. The transaction involved the transfer of 3,373,256,285,000 SHIB, which was worth up to $28.7 million at the time of the transfer. There were no known addresses for either the sending or the receiving parties, indicating that the sender of this transfer is most likely a whale.
Furthermore, according to data from etherscan.io, Binance, the world’s largest cryptocurrency exchange, now has 83 trillion SHIB, or $738,549,274 ($738.54M), stored in two of its related wallets, designated “Binance 28” and “Binance 8”, making it the largest holder of the token. Shiba Inu was also named by Binance as the third-most-watched cryptocurrency for the year 2022, behind Ethereum and Bitcoin.
The Shiba Inu project is also continuing to support the metaverse initiative that was revealed last year. The project’s Lands are selling quickly, alongside the tokens required for trading within the shib.io metaverse. Additionally, Shiba Inu has also been burning its tokens to maintain the value of its cryptocurrency and reduce the circulating supply. According to the SHIB burn website, the Shiba Inu team has already burned 8.5% of the circulating supply, which is equivalent to 3.2 trillion SHIB.
With the current bullish sentiment surrounding the Shiba Inu meme coin, it is expected that the price of the coin will continue to rise in the coming weeks. This could be an exciting opportunity for investors looking to capitalize on the growing popularity of SHIB.