Shiba Inu (SHIB) Gains Attention of Big Whales, But Price Drops

• Shiba Inu (SHIB) became one of the most purchased tokens in the last 24 hours among 100 biggest Ethereum [ETH] whales.
• However, its network activity and daily addresses recorded a fall, and its price dropped by 1.41%.
• The burn rate also dipped significantly, with only 13 million tokens being burned in the last 24 hours.

Shiba Inu (SHIB) has been a hot topic in the cryptocurrency world as of late, with whales buying the token in droves and making it one of the most purchased tokens in the last 24 hours among the 100 biggest Ethereum [ETH] whales. Despite the enthusiasm of whales, however, its network activity and daily addresses have been recording a fall, and its price dropped by 1.41% at the time of writing.

The burning of SHIB has been an important part of stabilizing its value, and the burn rate accelerated, riding high on the buzz surrounding the soon-to-be-launched layer-2 blockchain solution Shibarium. However, the burn rate has also dipped significantly, with only 13 million tokens being burned in the last 24 hours, compared to the 37 million registered on the previous day. This drop was thought to be one of the reasons behind the price rise seen earlier.

WhaleStats data showed that 341, 296, 045 SHIB coins worth $3,002 were snapped up by whales in the last 24 hours. This buying activity is significant, but it will take more network activity and a sustained price increase to make SHIB a viable investment option.

In the near future, SHIB investors will be keeping a close eye on the launch of Shibarium, as well as the burn rate and network activity of SHIB. If these all continue to grow, SHIB could become a viable investment for many investors. For now, however, it remains to be seen how the SHIB token will develop and how its price will be affected.