According to IntoTheBlock, Shiba Inu (SHIB) has recorded a staggering 1.55 trillion SHIB in large transaction volume in the past 24 hours, valued at approximately $26.53 million.
Despite this impressive figure, it represents a significant 58.37% decline in large transaction volume compared to the previous day. This drop follows a recent seven-day high of 6.43 trillion SHIB on June 24, indicating a steady decline in large transaction volume, denoting whale activity.
However, while large transaction volumes have decreased, other SHIB metrics are showing positive signs. The Shiba Inu burn rate has increased by 59% over the past 24 hours, reflecting a heightened effort to reduce the total supply of SHIB tokens in circulation.
According to the SHIB burn X account, in the past 24 hours, a total of 17,648,859 SHIB tokens were burned in seven transactions, reflecting a 59% increase in burn rate.
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Moreover, SHIB's total addresses remain robust, currently standing at 4.13 million. This figure highlights continued interest and engagement from the Shiba Inu community, despite the current uncertainty on the market.
The steady number of addresses suggests that SHIB retains a strong base of holders and supporters who believe in its long-term potential.
The recent decline in large transaction volumes may indicate a period of consolidation for Shiba Inu. During such phases, market participants often reassess their positions and strategies, with whales staying on the sidelines ahead of major price movement.
SHIB price action
Shiba Inu lost its daily SMA 200 at $0.000019. The bulls began a recovery in an attempt to drive the price higher, but the rally lacked power. Since then, SHIB has been in a range, unable to surpass $0.0000182.
At the time of writing, SHIB was up 0.37% in the last 24 hours to $0.00001746.
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In the event of further falls, bears may try to drive the SHIB price below $0.000017. If they can pull it off, SHIB may fall to $0.000014 and eventually to $0.000010.
If buyers want to make a comeback, the SHIB price would have to return above the key $0.000020 level. That could clear the path for a rally to the 50-day SMA at $0.000023.