Shiba Inu is beginning to reverse some of its price declines in December as the cryptocurrency market responds following Bitcoin’s recent surge above the $100,000 psychological barrier. This has led to a marked increase in Shiba Inu’s activity in the last several days. Data from Coinmarketcap reveals that Shiba Inu’s trading volume has risen by approximately 21.2% in the past 24 hours.
Additionally, Shiba Inu has experienced a substantial rise in large transaction volumes, which have surged by 40% over the preceding 24 hours. In stark contrast to this uptick in transaction volume, the burn rate of Shiba Inu has plummeted dramatically, decreasing by 71.5% during the same period.
Shiba Inu Large Transaction Volume Increases 40% Amid Market Activity
The rise in SHIB’s large transactions is underscored by on-chain analytics from IntoTheBlock, a blockchain data firm. Specifically, this is emphasized by IntoTheBlock’s large transaction volume and USD metric, which tracks the volume and value of transfers surpassing $100,000 on the blockchain network. Therefore, this serves as a crucial metric to examine the current sentiment among cryptocurrency whales.
According to IntoTheBlock, the volume of large SHIB transactions has reached 1.49 trillion SHIB within the past 24 hours. While this figure is modest compared to certain previous 24-hour intervals, it signifies a considerable deviation from a trend of reduced whale activity since January 3. Additionally, it indicates a 37% increase in volume compared to the previous 24-hour metric of 1.09 trillion SHIB.
In terms of value, the large SHIB transactions in the last 24 hours total approximately $35.7 million, reflecting an increase of about 38% from the preceding 24-hour total of $26 million. This type of rise suggests a bullish outlook for Shiba Inu’s price, potentially marking the beginning of a capital influx into Shiba Inu for the remainder of the week.
SHIB Burn Rate Dives by 71.5%: Can SHIB Sustain The Momentum?
Despite the overall increase in SHIB trading volume, the SHIB burn rate has suffered a noteworthy decline within the last 24 hours. The burn mechanism, which is designed to diminish the circulating supply of SHIB tokens to enhance scarcity, also carries significance as an indicator of activity akin to the large transaction volume metric.
As per the SHIB burn tracker Shibburn.com, the total amount of SHIB tokens incinerated in the past 24 hours reached 8,738,201 SHIB, a stark decline from over 31 million SHIB tokens burned in the previous 24-hour period. This significant drop may indicate a slowdown among SHIB holders, which could have adverse implications for its price in the short term. However, it would be wise to observe how the SHIB burn trend unfolds in the next 24 hours, as the current trading volume activity suggests a quick rebound in the volume of SHIB burn transactions.
At the moment of writing, Shiba Inu is priced at $0.00002399. The meme cryptocurrency has increased by 16% in the past week.
Featured image created with Dall.E, chart from Tradingview.com
