Shiba Inu Bullish Rally: Will SHIB Price Break Through Strong Resistance?

• Shiba Inu (SHIB) experienced a long way in the last few weeks due to the much-anticipated launch of Shibarium.
• Data from Arkham Intelligence reveals that crypto whales have transferred tens of billions of Shiba Inu meme tokens between different crypto trading platforms.
• Data from Into The Block reveals that SHIB’s average balance held by addresses has seen a noticeable increase over the past three days.

Shiba Inu Price Surge

Shiba Inu, often dubbed the “Doge killer,” experienced a long way in the last few weeks due to the much-anticipated launch of Shibarium. Over the past few weeks, Shiba Inu (SHIB) has been making waves, gaining the attention of traders. Though the meme coin market is witnessing turmoil these days, Shiba Inu is holding the market’s promises by generating lucrative returns with its skyrocketing surge.

Crypto Whale Transactions

Data from Arkham Intelligence reveals that in the past few hours, crypto whales have transferred tens of billions of Shiba Inu meme tokens between different crypto trading platforms. The analytics platform identified six substantial transactions, each transferring a minimum of one billion SHIB, with the most significant transaction involving 10 billion Shiba Inu tokens. This incident signifies a notable contribution to the recent bullish rally in the SHIB price chart.

SHIB Burns

Moreover, data from Shibburn explorer suggests that in the last 24 hours, 70 billion Shiba Inu meme tokens have been sent to inaccessible wallets – effectively rendering them out of circulation permanently – thus resulting in an increased burn rate which now stands at 12.8%.

Rising Accumulation Rate

Data from Into The Block reveals that SHIB’s average balance held by addresses has seen a noticeable increase over past three days; jumping from $6,959 to $7,728 as of 10 August; suggesting a rising trend in SHIB accumulation and potentially anticipating an upcoming bull run.

Future Price Prediction

What will be next for SHIB’s price? It recently rebounded from ascending channel’s support line at $0.0000094 signaling buyers remain active during this turbulent period while whales continue accumulating more amounts and burning it off through transfers to inaccessible wallets – all these factors will eventually play an important role on how well this cryptocurrency will perform moving forward.