Bitrabo Editorial
Shiba Inu (SHIB) is drawing attention as data reveals a 240% surge in a crucial metric, hinting at a potential significant price rally for the meme coin.
Shiba Inu Large Transaction Volume Surges
Market data from IntoTheBlock indicates that Shiba Inu saw a 240% increase in large transaction volume, soaring from 326.98 billion SHIB to 781.4 billion SHIB on August 11. The trend continued the next day, jumping by over 93% to 1.51 trillion SHIB traded.
The upsurge in large transactions suggests prominent crypto whales are amassing Shiba Inu, aiming to establish the $0.00002 price level as a strong support. After selling off a considerable portion of their holdings during the recent market downturn, these whales are now looking to bolster their positions, potentially influencing a significant price uptick for Shiba Inu.
Additionally, the positive price correlation between SHIB and Bitcoin has risen to 0.79, indicating a favorable outlook for the meme coin’s price growth alongside Bitcoin’s upward trajectory. Nonetheless, other on-chain metrics suggest a bearish outlook, such as stagnant network growth and a substantial number of holders in a loss position, posing challenges for price recovery.
SHIB Burn Rate Sees a 573% Spike
Recent data from Shibburn reveals a dramatic 573% surge in Shiba Inu’s burn rate, with over 151 million tokens burned in the past week. This surge coincides with the transition of the Shibarium layer two network to an automated burn mechanism, where 70% of transaction fees will be converted to SHIB and burned.
This transition is crucial for SHIB’s price appreciation, as reducing the token supply could drive value growth. Although Shibarium has been instrumental in burning billions of SHIB, its network activity needs to increase to match previous levels for significant token burning in 2024.
Shiba Inu is currently trading at approximately $0.00001372, showing an increase in the last 24 hours.