The price of the Shiba Inu was unleashed alongside many other cryptocurrencies. Over the past 24 hours, the Shiba Inu has increased by approximately 4.4% due to significant investor interest. Recent on-chain data suggests the possibility that this rally may be far from overas key indicators signal sustained enthusiasm for SHIB.
Notably, SHIB’s depletion rate recently soared 436% as large-scale holders, or whales, increased trading volumes with growing interest in the token amid broader market dynamics.
Shiba Inu Burn Rate Increases 436%, Whale Activity Drives SHIB Trading Volumes Up
According to data from ShibburnThe Shiba Inu token burn rate jumped 436% in the last 24 hours, resulting in hundreds of millions of SHIB tokens being permanently removed from circulation. Data shows that 52.3 million SHIB tokens were burned in the last 24 hours.
This significant spike in SHIB tokens burned over a 24-hour period actually reflects the bullish sentiment of the cryptocurrency and is one of the most bullish signals.
Whale investors are investors who control large quantities of SHIB (typically hundreds of millions to billions of tokens) and play an important role in influencing price action, given their large trading volume.
Blockchain analytics company data IntoTheBlock (ITB) indicates that SHIB trading volume exceeding $100,000 reached $294.64 million over the past seven days, representing the largest weekly trading volume seen this quarter for SHIB. Additionally, ITB data shows that the amount of large transactions is currently at its highest level since early October, with 4.81 trillion SHIB moved in the last 24 hours. This equates to approximately $91.91 million.
This rapid escalation is highlighted by whale trading volume, which increased from 895.12 billion SHIB on October 27 to 4.81 trillion SHIB, an increase of approximately 437% in just 48 hours.
Will SHIB cross $0.00002 again?
At the time of writing, SHIB is trading at $0.00001886. The meme cryptocurrency made only a few moves to breach the $0.00002 price level again. Interestingly, Shiba Inu price has already retested this level, having reached an intraday high of $0.00001967 in the last 24 hours.
Given the current trend, it seems rather a question of when rather than if SHIB can recover the $0.00002 price level. This level would be a key milestone for Shiba Inu, although it is only the first step toward restoring broader profitability for many of its holders, as SHIB still sits around 80% below its 2024 high of $0.00003629.
A better aim for the long term would be to retest this $0.00003629 level, although there are several resistance levels to overcome along the way. Continuing bullish momentum, supported by a sustained burn rate, could help strengthen SHIB’s upward trajectory and increase the likelihood of hitting a new high before the end of 2024.
Featured image created with Dall.E, chart from Tradingview.com