The price of the Shiba Inu (SHIB) is up by more than 15% in a week as whales take in large amounts of the coin. The transaction suggests that there may be a large group of whales on SHIB.
Whale Coins is headed for a recall of the Shiba Inu as large holders made purchases of more than $35 million in a single day. The transaction has taken place because the price is rising significantly.
SHIB is up more than 11% in the last 24 hours, with a trading volume of over $617 million.
Just as the coin was breaking its resistance level, a whale bought around 119.3 billion SHIB. Another bought 3.36 trillion SHIB, worth about $33.6 million. Notably, these are both new whales and both transactions took place over a 24-hour period.
As a meme coin, the Shiba Inu can be unpredictable when it comes to its price. However, there have been some major developments in the ecosystem. The market is also generally improving, with all properties witnessing a jump in higher prices over the past few days.
Companion meme coin DOGE also saw a huge price increase, with the coin increasing in value by over 21%. This is a good sign for those who go after meme coins, although the price hike may not last long.
SHIB burn rate also goes up massively
The increase in the price of SHIB occurs when the burn rate also increases. The SHIB burn tracker shows that the burn rate has increased by a massive 1,934% in the last 24 hours. This could be one of the reasons behind the jump in prices.
The SHIB price has increased by over 15% in the past week. The token is now $0.00001161, up from around $0.00001001 seven days ago. The token has now crossed the $6 billion mark for the first time in almost three weeks.
Users Can Pay for Netflix and Amazon (Indirectly) Using SHIB
There have been reports that SHIB holders may soon be able to pay for Netflix and Amazon services indirectly using SHIB. Thanks for the payment feature comes FCF Pay, which says it will soon support SHIB in its prepaid debit cards.
Users are not paying directly for Netflix and Amazon. Instead, they are paying for services via FCF Pay’s prepaid debit card and whatever crypto assets support it.
What the payment service provider does is convert crypto assets into fiat at the point of purchase. Another step forward in terms of adoption is the fact that real estate brands Pacaso and Condos.com will also accept SHIB through BitPay.
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