Shiba Inu (SHIB) has finally cleared off its deficit, as whale investors buying and HODLing the token have sent the price to new daily highs.
Despite the intense volatility SHIB exhibits, its growth trends over the past months have been relatively unimpressive compared to its top rivals.
This bearish outlook, however, seems to be clearing off with the 2.26% growth it has printed in the past 24 hours to peg its price at $0.00001072 at the time of writing.
SHIB’s market capitalization is also up by more than 2% to $6,317,234,062, while its trading volume is up 2.58% to $190,479,465.
Observed SHIB Whale Activity
December was a very pivotal month for Shiba Inu whales, with documented evidence of massive accumulation underway.
As reported earlier by The Crypto Basic, a ‘Smart Money’ Shiba Inu whale withdrew 2.28 trillion SHIB from Binance to an unknown wallet.
This movement is arguably bullish for the protocol based on the thesis that withdrawal from exchanges is likely for safekeeping and helps reduce the total tokens in circulation.
Tron Founder Justin Sun also joined the whales that have withdrawn Shiba Inu from Binance in recent times. With over 577,000,000,000 removed from the trading platform, the circulating supply of the token is further reduced, placing the asset in a vantage position to soar.
This 577 billion SHIB withdrawal was promptly accompanied by another 237 billion withdrawal from the same trading platform days ago.
While this withdrawal lends an interesting theory to note, Shiba Inu whales have also been moving an enormous amount of the token as the digital asset defends the psychologically important level at $0.00001.
Shiba Inu Supply Burn
One of the key assumptions underpinning these ongoing whale transfers is their links to SHIB burn in a bid to reduce the circulating supply.
The Shiba Inu team is doing a lot to ensure this burning is automatic, with the proposed burn portal set to become active by 2024. With the supply crunch, the token can finally achieve its core price targets in the mid-to-long term.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
