SHIB Price Spikes as Key Whale Metric Turns Bullish 2024

The price of the popular meme-inspired cryptocurrency Shiba Inu (SHIB) is showing a bit of appreciation today as it shines green over the weekend, even rising over 5% in the last few hours. The bigger picture reveals more encouraging details as the Shiba Inu token continues to quote the above-mentioned key price level of $0.00003.

The fact that the SHIB price continues to stay above this milestone from one side proves that there are no sellers willing to sell at these prices and many buyers willing to buy at these prices. Overall, this is bullish behavior that paves the way for the meme cryptocurrency to continue its ascent higher.

oreover, the on-chain data for the Shiba Inu token also looks healthy. According to data from IntoTheBlock, the net flow of SHIB into the wallets of major holders increased by 106.3%, reaching 708.93 billion tokens in the past 24 hours alone

More to the point, over the past two days, just this past weekend, the net amount of Shiba Inu tokens added by those holding no less than 0.1% of the circulating supply totaled over 1.136 trillion , which is equivalent to approximately $34.08 million.

This is not a peak in activity, however, as over the course of the entire week, both the inflow and outflow of SHIB from whale wallets decreased in volume by 75.21% and 81.8%, respectively.

It’s tempting to see how this dynamic will change as market engagement returns to full force, but even under current speculation, the on-chain numbers for the Shiba Inu token are impressive. #Shiba Inu Shiba Inu News Shibarium

Definition

Shiba Inu [ SHIB ) is a token designed  to be an Ethereum-compatible alternative to Dogecoin (DOGE). Like DOGE, SHIB is intentionally abundant — with an initial circulating supply of one quadrillion coins. The Shiba Inu ecosystem also supports projects such as an NFT art incubator and a decentralized exchange called Shibaswap.

One of the biggest crypto stories of 2021 was the rise of Dogecoin (DOGE) — which an avid online community (and fans including Elon Musk and Mark Cuban) helped grow from an meme-based joke into a household name with a market cap in the tens of billions of dollars.

Like Bitcoin and Ethereum, Dogecoin runs on its own distinct blockchain — limiting its ability to interact with other kinds of protocols. The creators of the DOGE-inspired Shiba Inu token (or SHIB) saw potential in that limitation, and launched a new dog-themed memecoin that runs on the Ethereum blockchain in August 2020.

Because is issued as an Ethereum token, it’s compatible with the vast Ethereum ecosystem. Advantages include compatibility with Ethereum wallets like Coinbase Wallet or Metamask, availability on decentralized exchanges (or DEXs) like UniSwap, the potential for to be incorporated into ETH-based DeFi applications like lending and savings products and NFT marketplaces.

How does It work?

Shiba Inu operates on the Ethereum blockchain, leveraging its technology for transactions and smart contract functionality. Here’s a breakdown of how it works:

Built on Ethereum:

• , the Shiba Inu token, is an ERC-20 token, meaning it runs on the Ethereum blockchain. This provides several benefits:
  • Security: Inherits security from the well-established Ethereum network.
  • Smart Contract Functionality: Enables the creation of decentralized applications (DApps) on the Shiba Inu ecosystem.

Shiba Inu Token Supply:

• There’s a massive initial supply of SHIB tokens: 1 quadrillion (1,000,000,000,000,000). However, half of this supply was burned upon launch by sending it to an inaccessible wallet. This burning aimed to create scarcity and potentially increase the value of the remaining tokens.

Transactions:

• Transactions involving SHIB tokens occur on the Ethereum network. Users pay gas fees associated with Ethereum transactions.

ShibaSwap Decentralized Exchange (DEX):

• A key aspect of the Shiba Inu ecosystem is ShibaSwap, a DEX launched in 2021. This platform allows users to:
  • Swap SHIB tokens for other cryptocurrencies.
  • Provide liquidity (lock up crypto assets) to earn rewards.
  • Participate in yield farming (earn interest on crypto holdings).

LEASH and BONE Tokens:

• ShibaSwap also introduced two other tokens: LEASH and BONE.
  • LEASH has an uncapped supply and is seen as a long-term hold.
  • BONE is the governance token of ShibaSwap, allowing holders to vote on proposals for the platform’s development.

Criticisms:

• The massive initial token supply and dependence on hype cycles lead some to question SHIB’s inherent value.
• The focus on community-driven hype and social media trends can contribute to price volatility.

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