SHIB Price Jumps: Will It Continue?

Shiba Inu price registered an impressive recovery on Thursday, August 25. Still, according to crypto analyst Tony M, investors need to be careful not to fall into the trap. Meanwhile, a mysterious whale wallet has sent 98.99 million SHIB to a dead wallet in the past 24 hours. We’ve compiled Tony M’s SHIB analysis and Shiba Inu developments for our readers.

“Shiba Inu (SHIB) makes commendable effort”

Shiba Inu price has shown a significant increase in volatility since the start of the London session on Thursday, August 25. Since the opening bell, the meme coin is up 15%. Market sentiment showed considerable optimism on Biden’s ‘Debt write-off’ programme. Therefore, the bullish tide is absolutely dazzling for investors on the sidelines.

The Shiba Inu is currently trading at $0.00001471 with an influx of volume on smaller timeframes. It is likely that SHIB will continue to offer profitable opportunities to day traders. Still, long-term traders need to be cautious about SHIB before daily settlement. Meanwhile, a daily close above $0.00001700 will increase confidence that the bull trend is a real start of the next rally.

SHIB 1-hour chart

Santiment’s on-chain analytics tools confuse the call for attention. Specifically, the total amount of SHIB tokens across all exchanges remained stable over the summer. It currently stands at 144 trillion tokens. With 148 trillion coins on exchanges, the altcoin price witnessed a 90% drop from all-time highs. That’s why SHIB remains highly sensitive to the whale effect. The 10% deduction of tokens from exchanges may not be enough to prevent SHIB’s Smart Money heist.

Santiment’s price, volume and supply change indicator

Mysterious whale burns 99 million Shiba Inu

According to Etherscan, a mysterious wallet has sent 98,990,729 (98.99M) SHIBs to the dead wallet in the past 24 hours. The whale carried out this act of burning in two separate processes. In the first transaction, the mystery wallet burned 50,420,951 (50,42M) tokens. A few hours later, the same wallet made a second transaction and sent another 48,569,778 (48.56M) SHIB to the burn wallet.

On the other hand, as we reported on Kriptokoin.com, the same mysterious whale bought a total of 52,470,888,570 (52.47 billion) SHIB worth $756,630 in one important transaction. The whale currently holds 657.40 billion SHIB worth $9,479,728 ($9.47 million).

Also, the community has burned 110.48 Million Shiba Inu in the last 24 hours. Shibburn reports that the Shiba Inu Community has sent 110,485,436 (110.48M) SHIBs to ‘inferno’ addresses in 7 separate transactions in the last 24 hours.