- Shiba Inu sees positive momentum as whales accumulate 22.3 billion tokens.
- Despite initial suspicion, the whale activities indicate a bullish outlook, with a focus on reducing SHIB’s circulating supply.
- Shibarium’s TVL surge by 17.86% reinforces SHIB’s market revival.
Shiba Inu (SHIB) has found itself riding the waves of renewed optimism following recent whale activity and robust growth within its Shibarium ecosystem. With a positive trajectory in sight, the digital token has showcased resilience in the face of recent market volatility.
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Recent reports reveal a notable increase in Shiba Inu’s market value, marking a modest 0.86% uptick, reaching $0.000006985. This growth has prompted a determined attempt to breach the resistance level at $0.000007, signaling a potential shift in momentum for the cryptocurrency. The recent whale intervention, where a staggering 22.3 billion tokens valued at $150,000 were accumulated within a mere ten-minute timeframe on October 19, has played a pivotal role in this upward trend.
Despite encountering a significant correction phase along with other altcoins, Shiba Inu’s response to the whale gesture has been one of fortitude and resurgence. Market analysts have noted a bullish undertone within the Shiba Inu community, emphasizing the focus on reducing the circulating supply through strategic whale movements and burning actions. Such efforts have historically contributed to the positive trajectory of Shiba Inu’s market performance, fostering an encouraging outlook for the protocol’s future.
In parallel, the growth of Shiba Inu’s layer-2 scaling network, Shibarium, has served as an additional driving force behind the cryptocurrency’s recent resurgence. A substantial surge of 17.86% in the Total Value Locked (TVL) within Shibarium has further solidified Shiba Inu’s growth prospects, hinting at a promising market revival in the near future.
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