Shiba Inu Price Surges as $5.16M Worth of SHIB Moved to Coinbase

Shiba Inu Price Surges as $5.16M Worth of SHIB Moved to Coinbase

  • Two wallets transferred 211 billion SHIB tokens to Coinbase, worth $5.16 million, sparking mixed reactions.
  • SHIB’s price surged by 7.65%, with market capitalization and trading volume also rising.
  • Recent Bor and Heimdall hard forks on Shibarium aim to enhance utility, potentially influencing SHIB’s prospects.

In a significant trading activity, two wallets identified as ‘0x6a43..’ and ‘0xef01..’ transferred 211 billion Shiba Inu (SHIB) tokens to Coinbase, a major cryptocurrency exchange. The transactions, valued at approximately $5.16 million, occurred over the past 24 hours, according to on-chain tracker The Data Nerd.

Within 10 hours, 2 Wallets (have the same amount of $SHIB) deposited total 211B $SHIB (~$5.16M) to #Coinbase

Those wallets accumulated those $SHIB last week and will have small loss (~$120k) if sold at current price

Addresses:https://t.co/OaervWTpvLhttps://t.co/NEsgHgYfRu pic.twitter.com/vofHjKVrGd

— The Data Nerd (@OnchainDataNerd) May 4, 2024

This substantial move has generated mixed reactions within the investment community especially with the recent noteworthy increase in SHIB’s price.

Price Trends and Market Speculations

At press time, Shiba Inu’s market price has climbed 8.55% in the last 24 hours, now trading at $0.00002479. This uptrend is mirrored in its market capitalization, which has also increased by 7.78%. Furthermore, the trading volume for SHIB has seen a 9.85% increase, an indicator of heightened trading activity.

This recent price action places SHIB in a speculative spotlight as investors watch the market’s response to these developments, gauging the potential for future price fluctuations.

Developmental Endeavors

Shiba Inu continues to make strides in development, notably with the recent introduction of the Bor and Heimdall hard forks on Shibarium. These updates enhance block processing and reduce transaction fees, potentially increasing the token’s utility and appeal.

Despite the current volatility, these factors collectively suggest that Shiba Inu holds promising prospects for long-term investors. While current developments provide grounds for optimism, the cryptocurrency sector’s unpredictability warrants a cautious approach from traders and investors.

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