Shiba Inu (SHIB) has emerged as a force to be reckoned with in the digital asset landscape despite the lack of significant bullish momentum in the past few weeks. However, recent events have catapulted this canine-inspired cryptocurrency into the spotlight, as an astonishing 3 trillion SHIB tokens were accumulated by investors.
Cryptocurrencies are renowned for their inherent volatility, and Shiba Inu is no exception. The token’s meteoric popularity and the passionate community backing it have contributed to its roller-coaster journey on the market.
But with the recent accumulation of such an astronomical number of SHIB tokens, questions arise about how this development will reverberate throughout the ecosystem and influence its market value.
SHIB Token Accumulation And Price Stability
A recent SHIB price report highlights a notable surge in SHIB token accumulation by investors, indicating heightened interest and confidence in the cryptocurrency.
With approximately 3 trillion SHIB tokens, amounting to a significant value of over $23 million being bought from exchanges within a two-day period, it appears that investors are actively seeking to bolster their positions in the Shiba Inu ecosystem.
Within two days, exchanges sold 3 trillion SHIB coins worth $23 million. Source: Santiment
Despite the substantial increase in token accumulation, the Shiba Inu price has not witnessed any significant change, leaving investors somewhat disconcerted.
A lack of price movement often results in a scenario where investors adopt a “wait-and-see” approach, keeping their holdings static rather than engaging in active trades. This phenomenon, commonly known as “sitting ducks,” can hinder the overall liquidity and dynamism of the SHIB market.
SHIB feeling the pain on the weekly timeframe. Source: Coingecko
Based on the latest data from crypto market tracker Coingecko, the current price of SHIB stands at $0.00000785. Over the past 24 hours, the token has experienced a modest 1.2% rally, which indicates some level of short-term market activity. However, over the last seven days, SHIB has faced a decline of 5.8%, hinting at potential challenges in sustaining positive price momentum.
Meanwhile, Shiba Inu is gearing up to introduce an innovative layer-2 solution known as Shibarium, aiming to revolutionize the process of purchasing SHIB tokens by enhancing cost-effectiveness, efficiency, and speed.
Shiba Inu market cap currently at $4.5 billion on the weekend chart: TradingView.com
This highly anticipated L2 network has garnered immense excitement within the Shiba Inu community, with investors hailing it as the potential catalyst for propelling SHIB’s price to unprecedented heights, even setting the ambitious target of reaching $0.01.
The impending launch of Shibarium has ignited a surge of optimism among SHIB enthusiasts, as it promises to address the inherent limitations of the current token acquisition process.
By leveraging the power of layer-2 technology, the network intends to streamline transactions and reduce fees, making the buying experience more accessible and seamless for users.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from The Currency Analytics