Emily Walker
Shiba Inu is beginning to recover from the price declines it experienced in December, thanks in part to the positive momentum following Bitcoin’s recent surge past the $100,000 mark. This rebound has led to increased trading activity for Shiba Inu, with its trading volume rising approximately 21.2% over the last 24 hours, as reported by Coinmarketcap.
Additionally, there has been a notable spike in large transactions involving Shiba Inu, which have climbed by 40% in the same timeframe. However, in contrast, the burn rate of Shiba Inu has dropped significantly, decreasing by 71.5% in the past day.
Shiba Inu’s Large Transaction Volume Increases by 40% Amid Market Activity
The uptick in large transactions for SHIB is corroborated by data from IntoTheBlock, a blockchain analytics firm. This increase, tracked through their metrics on large transaction volumes exceeding $100,000, provides insight into the behavior of crypto investors, often referred to as whales.
IntoTheBlock reports that the total large transactions of SHIB reached 1.49 trillion in the last 24 hours, which, although lower than some previous peaks, marks a 37% increase from the last period’s total of 1.09 trillion SHIB.
In monetary terms, the value of these large transactions amounted to approximately $35.7 million, demonstrating a rise of about 38% compared to the previous day’s $26 million. This upward trend could indicate positive prospects for Shiba Inu’s price as funds may start flowing in throughout the week.
SHIB Burn Rate Drops by 71.5%: Will SHIB Maintain Its Momentum?
Despite the surge in SHIB trading volumes, the burn rate of the token has seen a significant decline over the last day. The burn mechanism is crucial for decreasing the available supply of SHIB tokens, thereby enhancing scarcity, and it also reflects broader market activities that parallel large transaction metrics.
As per the SHIB burn tracker Shibburn.com, a total of 8,738,201 SHIB tokens were burned within the last 24 hours, a stark drop from over 31 million SHIB burned in the preceding period. This sharp decline may suggest decreased activity among SHIB holders, which could adversely impact its price temporarily. Nevertheless, monitoring the burn rate over the next day is advisable, especially considering the current trading volume activity may lead to a resurgence in burn activities.
As of the latest updates, Shiba Inu is priced at $0.00002399 and has recorded a 16% increase over the last week.