Shiba Inu (SHIB) has been grappling with the challenge of shedding the zero it acquired in May 2023. Since early February, this popular dog-themed cryptocurrency has been experiencing a downward trend. However, the past weekend witnessed a notable performance from SHIB, with the token surging by nearly 8% at one point. Despite this positive momentum, corrections have been a recurring theme.
According to data from IntoTheBlock, there was an influx of approximately 50 billion tokens into whale wallets on Friday and Saturday. However, it is important to note that SHIB’s recent rally did not receive substantial support from significant buying activity. Instead, there was a noticeable decline in the outflow of tokens from whale wallets.
The relatively modest inflows were offset by the slower outflows, resulting in a positive net flow. This shift in behavior suggests that whales have opted to reduce their selling activities. Considering that a significant portion of SHIB holders consists of whale wallets, their actions tend to influence SHIB’s price trajectory.
The accumulation of SHIB tokens by whale investors has the potential to aid in removing the zero that Shiba Inu (SHIB) gained earlier this year. However, it remains uncertain whether this alone will be sufficient to achieve that outcome.
Can Shibarium Launch Help Shiba Inu Delete One Zero?
Shiba Inu (SHIB) has its eyes set on the upcoming Shibarium launch, which holds the potential to bring about significant price changes for the asset. This highly anticipated event not only aims to remove more than just a zero from SHIB’s value but also has the capacity to propel it to new all-time highs. Despite facing multiple delays, lead developer Shytoshi Kusama has recently indicated that the launch is imminent and expected to take place before the end of August, indicating that Shibarium is just around the corner.
At present, the Shibarium layer-2 network stands as the most significant factor driving SHIB’s potential growth, with limited other catalysts to push the project to new levels. While Shiba Inu (SHIB) is also actively engaged in a metaverse initiative, it is worth noting that metaverse projects have taken a backseat in 2023, reducing their impact on SHIB’s prospects.
Furthermore, SHIB employs a burn mechanism to reduce the number of tokens in circulation, aiming to positively influence its price. However, historical data suggests that token burns have not consistently resulted in significant price movements for SHIB. As of the latest update, SHIB is trading at $0.00000773, reflecting a 2.1% increase in the past 24 hours.