Shiba Inu (SHIB) Price Increases After NFT Merch Launch —are the Whales Behind it?

Shiba Inu (SHIB) price soared 15% on Wednesday after the dev team launched a much-heralded NFT-based merch collection. On-chain data reveals that crypto whales have increased their trading activity significantly.

Timeline of Shiba-inu

Data shared by the Etherscan tracker shows that within the past hour, anonymous whales have transferred nearly 18 billion Shiba Inu meme coins. Part of them was sent to Binance to be sold.

Shiba Wings, an Australian fast-food diner with a Shiba Inu theme, has enjoyed a successful opening in Surfers Paradise. While customer appetite for their delicious fried treats has been strong, the same enthusiasm has not translated into crypto payments.

According to IntoTheBlock, the Shiba Inu token experienced a remarkable increase in transactions valued at $100,000 or more. In just 24 hours on Thursday, these transactions skyrocketed by an astounding $11.76 million, representing impressive growth of 151.7%.

In its most recent blog post, Layer 2 Shibarium beta testnet builder Unification provides a new update. In a tweet, Lucie, a Shiba ecosystem official, shares the most recent information from Unification regarding Shibarium beta.

The recent surge in the Shiba Inu token burn has impacted the SHIB market again. Within 24 hours, over 341 million SHIB tokens were destroyed, sending the burn rate skyrocketing by roughly 6,936%.

The SHIB token has been on an incredible rally recently, pumping more than 18% in just the past week. This growth can be attributed to the current increase in the crypto market as a whole.

Shiba Inu has been able to reclaim its position as the 14th largest cryptocurrency in the market following a tremendous run. The meme coin has mirrored the general market sentiment and has been able to embark on an upward rally that has seen it rise double-digits in the last two days.

Shiba Inu (SHIB) is making headlines again in the cryptocurrency world as it achieves a significant breakthrough. The canine-themed token has broken through the crucial $0.000008 price level, marking a return to its pre-dump price threshold.

Rumors are swirling within the Shiba Inu (SHIB) community following a series of intriguing tweets from key individuals involved in the project. A member of the NFA Labs team recently took to social media to share a tantalizing glimpse into the future.

The price of Shiba Inu (SHIB) continues on its bullish run, having gathered great momentum in the past week. Following its breakthrough at the $0.000007 threshold, the token price has been on a nearly 20% price upswing.