Shiba Inu is begins to reverse some of them Price losses in December how the crypto industry reacts to Bitcoin recent break over the $100,000 psychological level. As a result, Shiba Inu activity has increased significantly in the last few days. According to data from Coinmarketcap, Shiba Inu trading volume has increased by approximately 21.2% in the last 24 hours.
Shiba Inu also saw a significant increase in large transaction volumes, increasing by 40% in the last 24 hours. In stark contrast to the increase in transaction volume, Shiba Inu’s burn rate has fallen sharply, falling by 71.5% over the same period.
Shiba Inu Large Transaction Volume Surges 40% Amid Market Activity
The increase in large SHIB transactions is illustrated by on-chain data from IntoTheBlock, a blockchain analytics company. This is particularly highlighted by the large transaction volume and the USD metric IntoTheBlock tracks Volume and value of transfers over $100,000 on the blockchain network. Therefore, this is an important metric to gain insight into the current sentiment among crypto whales.
According to IntoTheBlockThe volume of large SHIB transactions in the last 24 hours was 1.49 trillion SHIB. While this is small compared to some 24-hour periods in the past, it represents a notable departure from a trend of reducing whale activity since January 3. It also represents a 37% increase in volume over the previous 24-hour -Period of 1.09 trillion SHIB.
In terms of value, large SHIB transactions in the last 24 hours total $35.7 million, an increase of approximately 38% from the previous 24-hour time frame of $26 million. This type of increase indicates positive for the Shiba Inu price and could be the first step for an inflow of money into Shiba Inu for the rest of the week.
SHIB Burn Rate Drops 71.5%: Can SHIB Maintain Momentum?
Despite the overall increase in SHIB trading volume, there has been a corresponding significant drop in SHIB burn rate over the past 24 hours. The burning mechanism that is The aim is to reduce the circulating supply of SHIB tokens to increase scarcity, also has weight as Indicator of activity like the metric for the large transaction volume.
According to the SHIB burn tracker Shibburn.com, The total number of SHIB tokens burned in the last 24 hours was 8,738,201 SHIB, a significant decrease from the over 31 million SHIB tokens burned in the previous 24-hour period. This significant decline could indicate a slowdown among SHIB holders, which could have a negative impact on the price in the short term. However, it would be wise to monitor how the SHIB burn trend develops over the next 24 hours as the current trading volume activity suggests a rapid increase in the number of SHIB burn activities.
At the time of writing, Shiba Inu is trading at $0.00002399. The meme coin is up 16% in the last seven days.
Featured image created with Dall.E, chart from Tradingview.com