Shiba Inu starting to retreat some of them price loss in December as the crypto industry reacts behind Bitcoin the latest break in addition Psychological level of $100,000. This has seen the Shiba Inu’s activity increase significantly over the past few days. According to data from Coinmarketcap, the trading volume of Shiba Inu has increased by about 21.2% in the last 24 hours.
Shiba Inu also saw a huge increase in the number of large transactions, up 40% in the last 24 hours. In stark contrast to the increase in transaction volume, the Shiba Inu burn rate dropped significantly, dropping 71.5% over the same period.
Large Shiba Inu Manufacturing Volume Up 40% During Market Activity
SHIB’s massive transaction increase is highlighted by on-chain data from IntoTheBlock, a blockchain analytics company. In particular, it is highlighted by the large transaction volume of IntoTheBlock and the USD metric, which tracks it capacity and transfer rate exceeding $100,000 in the blockchain network. As such, this is an important metric to look at the current sentiment among crypto whales.
According to IntoTheBlockThe volume of major SHIB transactions has reached 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 significant departure from the trend of decreasing whale activity since January 3. It also marks a 37% increase in volume from the previous 24-hour period of 1.09 trillion SHIB. .
In terms of value, SHIB’s largest transaction in the last 24 hours reached $35.7 million, which is an increase of about 38% from the previous 24-hour period of $26 million. This type of increase indicates an increase in the price of Shiba Inu and can be the first step in the flow of money in Shiba Inu for the rest of the week.
SHIB Burn Rate Crashes at 71.5%: Can SHIB Keep Up the Momentum?
Despite the increase in SHIB trading volume around, the SHIB burn rate has seen a corresponding crash in the last 24 hours. The combustion engine, that is aimed at reducing circulating supply of SHIB tokens to increase scarcity, and holds weight as job index like the largest transaction volume metric.
According to the SHIB burn tracker Shibburn.com, the total number of SHIB tokens burned in the last 24 hours reached 8,738,201 SHIB, which is a significant reduction from the more than 31 million SHIB tokens burned in the past 24 hours. This significant decline may indicate a decline among SHIB owners, which may register a negative impact on its value in the short term. However, it would be prudent to see how the SHIB burn trends play out in the next 24 hours, as the current trading volume suggests a quick jump 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.
The featured image was created with Dall.E, a chart from Tradingview.com