Shiba Inu (SHIB) Price Soars 6% In A Day, Here's Why

Shiba Inu’s price has seen a recovery of 26% since the crypto market crash in the first two weeks of May. The price increase still continues as the SHIB recorded more than 6% gains in the last 24 hours. The reason behind the quick rally is whale accumulation seen from the bottom of $0.00000988.

Meanwhile, 1.096 billion Shiba Inu tokens have been burned in the last 24 hours as the burn rate rises to 121.56%. The circulating supply of SHIB now reached nearly 553 trillion.

Shiba Inu (SHIB) Price Gains Momentum

The SHIB price is currently moving near the $0.000012 level. The increase in whale transactions in the last few days indicates interest at low price levels.

According to data by WhaleStats, SHIB has become the most traded token among the top 10 list of tokens held by Top 500 Ethereum whales in the last 24 hours.

Interestingly, ETH whale “BlueWhale0073” have been accumulating Shiba Inu (SHIB) since the drop in price to $0.00000988. The whale bought 375 billion SHIB tokens for $4.56 million in the last 24 hours. Also, the ETH whale “BlueWhale0073” bought 109 billion SHIB tokens worth $1.40 million on May 13.

Meanwhile, the second-largest meme token Shiba Inu has surpassed Dogecoin by the number of followers on Twitter. The last week saw a massive rise in the number of wallets holding Shiba Inu (SHIB). Moreover, SHIB transactions off exchanges are increasing in the past few days. KuCoin reveals SHIB is one of the top 10 coins by search popularity today.

Shiba Inu Sees a Hopeful May Ahead

Shiba Inu (SHIB) soared 25% after the Middle East-based crypto exchange Rain listed the token for trading last week. In March, the Rain exchange asked its followers on Twitter whether the exchange should list SHIB. The community voted in support of listing. However, the SHIB listing on the Robinhood app remains the most influential listing of the second-biggest meme crypto in the year.

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Source: https://coingape.com/shiba-inu-shib-price-soars-6-in-a-day-heres-why/