What's Going On With 'Dogecoin Killer' Shiba Inu?
Portfolio Pulse from Khyathi Dalal
Shiba Inu (SHIB) experienced a slight dip of 0.8% despite a large transaction of 692.4 billion SHIB tokens worth $19.26 million from a Crypto.com wallet to an unknown wallet. This transaction increased the unknown wallet's value to $53.3 million. Additionally, a significant burn of SHIB tokens occurred, increasing the burn rate by 338.3%. Despite these activities and a 47.8% increase in large transaction volume, SHIB's price has not capitalized on the broader market rally, trading down 0.8% on the day.
April 08, 2024 | 2:46 pm
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Shiba Inu (SHIB) saw a 0.8% dip despite significant whale movements and a substantial increase in burn rate. The price remains down despite increased transaction volumes and active addresses.
The significant transfer of SHIB tokens and the increased burn rate would typically indicate a positive momentum for the asset. However, the price action suggests that these factors have not yet translated into positive market sentiment for SHIB, possibly due to broader market conditions or investor skepticism about meme coins.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100