'Dogecoin Killer' Shiba Inu Witnesses Record Withdrawal: 8 Trillion Tokens Exit Exchanges Since November [Updated]
Portfolio Pulse from Rounak Jain
Shiba Inu (CRYPTO: SHIB) has seen 8 trillion tokens withdrawn from exchanges since November, valued at $88 million. Whale activity has increased, with large transactions up by 150% in the past 30 days. Justin Sun, founder of Tron (CRYPTO: TRON), is among the whales accumulating SHIB. A significant SHIB burn rate increase coincides with a partnership with D3 Global for the .shib domain. SHIB's price is down 1.98% at $0.00001089.
December 24, 2023 | 7:17 pm
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NEUTRAL IMPACT
Shiba Inu is often compared to Dogecoin as a 'Dogecoin killer', but the article does not provide specific information about Dogecoin's current activities or price action.
Dogecoin is mentioned in the context of Shiba Inu being its competitor. However, the article does not discuss Dogecoin's market movements or any actions by its investors that would directly impact its price in the short term.
CONFIDENCE 70
IMPORTANCE 10
RELEVANCE 10
POSITIVE IMPACT
Shiba Inu has experienced a significant withdrawal of tokens and increased whale activity, indicating a potential positive sentiment among investors.
The withdrawal of a large number of tokens from exchanges and increased whale activity, including from notable figures like Justin Sun, typically indicates a positive sentiment which could lead to a price increase in the short term. The partnership with D3 Global and the increased burn rate may also contribute to a bullish outlook.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Justin Sun, the founder of Tron, is accumulating Shiba Inu, which could indirectly highlight investor confidence in cryptocurrencies, including Tron.
Justin Sun's involvement in accumulating Shiba Inu may reflect positively on Tron as it shows active participation by its founder in the cryptocurrency market. This could indirectly affect investor sentiment towards Tron.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 50