The price of the Shiba Inu (SHIB) gained more than 9% on August 25. During the rally, the overall market was recovering around 1%. The Shiba boom is accompanied by the following 2 developments.
Price rallies over 9% as whale buys million SHIB
The SHIB price rose 9% as the mysterious whale bought 52.47 billion Shiba Inu in a key transaction. Etherscan.io data reports that the mysterious whale purchased $756,630 worth of SHIB in a significant transaction. With this amount of cash, the whale pulled 52.47 billion SHIB into its wallet. The whale currently holds a total of 657.40 billion SHIB in its wallet, worth $9.47 million. In the transaction logs, the mysterious whale has accumulated 52 trillion Shibs almost an hour ago.
Since August 19, Shiba has been trading in a narrow range of $0.00001254 – $0.00001387. Not long after the whale accumulated a significant amount of SHIB in a single transaction, the meme token experienced a huge spike. It gained more than 9% in value during the process.
Whale statistics report that Shib is the largest holding of 1000 Ethereum whales. The 1,000 largest whales now hold $162 million worth of Shiba Inu.
https://twitter.com/WhaleStats/status/1562756933081509889
Second catalyst: SHIB burning rate reaches its peak
Another development that made the Shiba price soar was the increase in token burn rates. Shiba Inu’s token burn rate has skyrocketed, reaching 40% of its total supply. However, the number of investors holding SHIB in their wallet also set a new record. With the 9% rally that came with all this catalyst, more than $1.2 million shorts were liquidated.
Meanwhile, Shibaswap, the decentralized exchange of the Shiba ecosystem, also broke records. The number of active users of the DEX platform reached 145 thousand 660 with a new record. According to statistics from Dune Analytics, users of DEX, the Shiba team’s decentralized exchange platform, ShibaSwap, are increasing. The number of users using Sibaswap to trade on the stock market reached 145,660 on August 25, setting a new record.
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