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According to IntoTheBlock dataOver the past 24 hours, Shiba Inu (SHIB) recorded 5.72 trillion SHIB in large trading volume, a metric that denotes whale activity.
Despite this massive volume, this actually represents a 70.55% drop in whale activity compared to previous days. This suggests that although the overall volume of large transactions has decreased, market dynamics have shifted in favor of increasing prices.
Interestingly, during this same period, the price of Shiba Inu increased by 8%. At the time of writing, SHIB was trading at $0.000025, retaining 30% of its gains from last week.
This price increase amid reduced whale activity indicates strong underlying demand and positive sentiment among retail investors. Decreasing trading with whales could mean smaller investors stepping in, driving up prices.
The market seems to be paying attention to recent developments in the Shiba Inu ecosystem, including new partnerships and technical updates.
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This week, Shiba Inu announced GetBlock as its official RPC provider, which is expected to improve the Shibarium infrastructure for a faster and stronger experience for the Shiba Inu community.
In other developments, the Shibarium token asset repository is now live, allowing token owners on Ethereum Sepolia and Shibarium Puppynet to be able to add images and metadata to improve visibility.
As Shiba Inu continues to attract attention in the crypto market, all eyes are on its next moves. It is unclear whether its price will continue to rise, as its trajectory remains uncertain.
Shiba Inu burn rate increases by 114%
According to the Shibburn website, the Shiba Inu (SHIB) burn rate jumped 114% in the last 24 hours. This significant increase is due to the withdrawal of 14,750,296 SHIBs from circulation.
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Burning tokens involves transferring them to a dead wallet address, thereby removing them from circulation. This procedure is frequently used to reduce the total supply of a cryptocurrency, thereby potentially increasing its value by inducing scarcity.
Over the past seven days, 616,094,437 SHIB tokens have been burned, contributing to a 360.43% increase in the weekly burn rate.