Half Trillion Shiba Inu (SHIB) Outflows as Shibarium Faces Uncertainty

In recent developments, alarming activity has been observed by IntoTheBlock around the on-chain data of the popular cryptocurrency Shiba Inu (SHIB), leading to significant outflows from the wallets of large investors. Previously bullish on the token, it seems they have now switched to bearish sentiment.

Timeline of Shiba-inu

Puppynet, the Shibarium testnet, which rolled out on March 11, continues to reach new milestones at a fast pace. In particular, millions of transactions have recently been added within a matter of days.

The price of Shiba Inu (SHIB) has been garnering attention as it sees an impressive surge off its local bottom at $0.0000065. The token has already racked up a gain of approximately 30%, generating renewed interest among the crypto community.

As the month of June is already drawing to its conclusion, the price of Shiba Inu (SHIB) has been moving in a slightly capricious manner, and now cryptocurrency traders and investors are trying to gauge whether the meme crypto asset will be a good buy in July.

The Shiba Inu price showed a remarkable recovery in the third week as it jumped from a $0.00000645 low to $0.000008. However, the aforementioned psychological resistance aligned with a downsloping trendline created a high supply zone.

A content marketing specialist of the Shiba Inu ecosystem, known to the community as @LucieSHIB, has taken to Twitter to remind the SHIB army that a major update from Shytoshi Kusama is coming soon – the "Worldpaper." It is crucial for spreading the word about SHIB and its ecosystem around the crypto space.

The world of cryptocurrencies is dynamic, and Shiba Inu (SHIB) is no exception. According to recent metrics, the In/Out Of Money Around Price (IOMAP) indicator points to a significant level at $0.000008, where approximately 26 trillion SHIB tokens are currently located.

Shiba Inu (SHIB) continued to hold up strong this week after an impressive surge over the past week. At press time, the second-largest meme cryptocurrency by market capitalization was trading at $0.000007862 after surging over 16% in the past seven days.

Unusually disturbing activity has been observed surrounding the on-chain data of the popular cryptocurrency Shiba Inu. Crypto intelligence portal IntoTheBlock has reported concerning behavior among large SHIB holders.

The latest Shiba Inu (SHIB) data indicates a massive surge in the burn rate, showing a 1,619% increase from the previous day's extraordinarily low figures. An impressive 330 million SHIB tokens have been burnt in the last 24 hours.

SHIB Price Analysis: The Shiba Inu price received a massive boast amid the recent recovery in market leaders Bitcoin and Ethereum. This memecoin has been rising for ten consecutive days and recorded 23.55% growth as prices jumped from $0.00000645 support to the current price of $0.00000797.