Holding your coins is the most effective way of making things right for that coin. However, it can become a bit worrying when very few so-called whales hold most of the coins’ supply. It is because these SHIB whales can then manipulate the coin’s market very easily by selling or buying that coin. They make a fake disturbance in the market and take benefit out of it. Recently, there has been a spike in SHIB Inu coin accumulation, and investors are a bit worried about that. Should they? Let’s dig deeper into things.
According to recent stats by WhaleStats, the number of SHIB Inu has increased by 5.3% in the past few weeks. More than 153 million dollars of the coin is occupied by only 50 Ethereum Whales, which is quite alarming, and all of them are in the top fifty. Not only that, the WhaleStats confirm that the same SHIB whales accumulated 600 billion SHIB Inu coins yesterday. This may indicate that the price of the SHIB Inu coin may increase significantly in the upcoming days.
Due to this accumulation of the SHIB whales and holders, the price of the SHIB Inu coin has increased by 5% this week. This shows a bit of recovery in the coin’s overall price, which was affected by the recent bearish market. However, there has been a very high concentration of transactions in the last 2 days. Shib whales have transacted more than 1 million in the past two days.
Anything to worry about?
In the past 24 hours, there has been a bit spike in the SHIB Inu coin market. The coin stands at $0.00001302 today, which is increased by 1.87%. Additionally, there has been more than a 5% change in the weekly chart, due to which the SHIB Inu coin stands in the 10th number of the top ten cryptocurrencies. It has a market cap of $7,151,397,531, which is increased by 1.97% in the past 24 hours. Though all of these things show positive sentiments about the SHIB Inu coin in the market, there is one thing to worry about: the volume of the SHIB Inu coin.
The volume has seen a significant dip in the last 24 hours. The volume of this meme coin is about $459,610,914, which is 23.90% lesser than in the last 24 hours. This clearly shows that the whales’ accumulation was nothing more than a manipulation of the market.
Will the burning make things right for SHIB whales?
Burning is one of the most effective ways of changing the price of the coin in the right direction. The more a coin is burned, the more its price will increase because of the supply and demand chain. When there are fewer tokens, the supply will be less, and the demand will be high, so the price will automatically increase. The burning of SHIB Inu in the past few days says that the coin may rise slightly in the next few days.
The SHIB platform burns 272,140,724 SHIB tokens in one week in more than 100 transactions. This shows a positive sign for SHIB holders. If the sentiments and the current market remain the same, the SHIB may see a bit of rising on the weekly and daily chart.
Final thoughts
Although the SHIB whales have manipulated the SHIB Inu market in the last few days, there is a glimmer of hope that its price will actually rise because of the burning. The price fluctuated in the past few days because of the SHIB whales, but it will no longer affect SHIB’s market. They have played their game.
Source: https://www.cryptopolitan.com/shib-whales-cautioning-traders-and-investors/