Shiba

ShibArmy

Shiba Inu

Shiba Inu (SHIB), the second largest meme cryptocurrency seems to be losing its allure as other tokens picked up the trend in the recent rally. Meme cryptos like <a href="https://news.todayq.com/bonk-steals-spotlight-as-bitcoin-eyes-45k/" target="_blank" rel="noreferrer noopener">BONK</a> and PEPE shocked the crypto market by replicating SHIB’s 2021 upward run this year. However, the latest metrics show that ShibArmy is ready to push Shiba Inu ahead in 2024. Whales go after Shiba Inu 
According to the data shared by Lookonchain, some fresh and major activities appeared among SHIB whales Over the past month, several notable transactions and wallet movements have caught the attention of the crypto community. 
Justin Sun’s linked wallet was caught withdrawing a substantial amount of SHIB from Binance. In two transactions recorded on December 18 and December 19, Sun withdrew a total of 577 billion SHIB, valued at around $6.17 million. 
However, another SHIB whale with the address “0xa656” withdrew 237.87 billion SHIB (approx amount $2.56 million) from Binance.&nbsp;&nbsp; 
It added that Whales identified as “0xfa22” and “0xF17f” (likely the same entity) accumulated a total of 850 billion SHIB (approx worth $7.5 million) from Binance over the past month. The acquisitions were made at an average price of $0.0000089. 
Data further disclosed that another whale “0x8652,” initiated SHIB accumulation on Binance on August 9. It has amassed 543.3 billion SHIB (approximately $5.8 million) at an average price of $0.0000083. However, the majority of these holdings (530 billion SHIB) were accumulated on November 30 and December 1. Spike in burn rate 
It is important to note that Shiba Inu burn data recorded a massive 421% surge in burn rate within the last 24 hours. The burning of SHIB tokens is associated with Shibarium gas fees. The Shiba Inu team burnt around 8.47 billion SHIB tokens in the most recent burn. 
Shiba Inu is trading at an average price of $0.000011, at the press time. Its 24 hour trading volume is 10% to stand at $235 million. 
The combination of increased whale activity with withdrawals from exchanges and an increase in burn rate positions Shiba Inu for potential bullish momentum as it approaches the end of 2023. Market observers often view decreased token supply on exchanges and an active burning mechanism as positive indicators for long-term value. 
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