Shiba Inu, the meme-inspired cryptocurrency, has recently exploded with a 11% increase in price, making it one of the cryptocurrency market's hottest assets.This sudden surge has caught the attention of traders and investors alike, leading to speculation about its future price trend. Meanwhile, bitcoin, the world's largest cryptocurrency by market capitalization, has stalled at $23K, showing signs of a slowdown.
The current bull run in Shiba Inu's price can be attributed to a combination of factors, including the token burn and whale movements. The rate at which Shiba Inu's tokens are being burnt has increased nearly 502%, reducing the circulating supply and making each token more valuable. Additionally, large transactions on the Ethereum blockchain, worth between $5.7 million to $6.4 million, have been reported by Whale Alert, indicating the involvement of 'whales.'
As per CoinPedia's shiba inu price prediction, taking into consideration the current market trend and the impact of the recent surge in token burn and whale movements. According to the analyst, Shiba Inu is expected to experience a period of growth in the short-term, as demand for the cryptocurrency continues to rise.
However, it's important to note that the cryptocurrency market is highly volatile and can change quickly. Traders and investors should always approach the market with caution and perform their due diligence before making any investment decisions. It's also recommended to diversify one's portfolio to reduce the risk of significant losses.