Shiba Inu is begins to reverse some of his price drops in December as crypto industry reacts after Bitcoin recent break above the Psychological level of $100,000. This has seen Shiba Inu activity increase significantly in recent days. According to data from Coinmarketcap, Shiba Inu trading volume increased by approximately 21.2% in the last 24 hours.
Shiba Inu also saw a significant increase in large transaction volumes, which jumped 40% in the last 24 hours. In contrast to the increase in trading volume, the Shiba Inu burn rate has fallen sharply, dropping 71.5% over the same period.
Large Shiba Inu Trading Volume Jumps 40% Amid Market Activity
The increase in large SHIB transactions is highlighted by on-chain data from IntoTheBlock, a blockchain analytics company. This is particularly highlighted by IntoTheBlock’s large trading volume and the USD metric, which tracks the volume and value of transfers exceeding $100,000 on the blockchain network. As such, it is an important metric to take a look at the current sentiment among crypto whales.
According to IntoTheBlockthe volume of large SHIB transactions amounted to 1.49 trillion SHIB in the last 24 hours. While this is small compared to some 24-hour periods in the past, it marks a notable departure from the trend of reduced whale activity since January 3. This also marks a 37% increase in volume from the previous 24-hour period of 1.09 trillion SHIB. .
In terms of value, large SHIB transactions over the past 24 hours total a collective $35.7 million, an increase of approximately 38% from the previous 26-hour period of 26 million dollars. This type of increase is bullish for Shiba Inu price and could be the first step in an influx of money into Shiba Inu for the remainder of the week.
SHIB Burn Rate Drops 71.5%: Can SHIB Maintain Momentum?
Despite the increase in SHIB trading volume across the board, the SHIB depletion rate saw a correspondingly notable crash over the previous 24 hours. The combustion mechanism, which is aimed at reducing the circulating supply SHIB tokens to increase scarcity, also has weight as activity indicator like measuring the large volume of transactions.
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, which is a sharp reduction from the over 31 million SHIB tokens burned in the previous 24 hours. This notable drop could indicate a slowdown among SHIB holders, which could have a negative effect on its price in the short term. However, it would be prudent to see how the SHIB burning trend plays out in the next 24 hours, as the current trading volume activity suggests a quick rebound in the number of SHIB burning activities.
At the time of writing, Shiba Inu is trading at $0.00002399. The meme coin is up 16% over the past seven days.
Featured image created with Dall.E, chart from Tradingview.com