According to IntoTheBlock data, over the past 24 hours, Shiba Inu (SHIB) has recorded 5.72 trillion SHIB in large transaction volume, a metric that denotes whale activity.
Despite this massive volume, it actually represents a 70.55% drop in whale activity compared to previous days. This suggests that while the overall volume of large transactions has declined, market dynamics have switched in favor of price increases.
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 since the past week.
This price increase amid reduced whale activity indicates strong underlying demand and positive sentiment among retail investors. The decrease in whale transactions could imply that smaller investors are stepping in, driving the price upward.
The market seems to be paying attention to the 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 Shibarium infrastructure for a faster, 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 boost visibility.
As Shiba Inu continues to gain attention in the crypto market, all eyes are on its next moves. It is unknown whether its price will continue to rise, as its price trajectory remains in question.
Shiba Inu burn rate jumps 114%
According to the Shibburn website, the burn rate of Shiba Inu (SHIB) has surged by 114% over the past 24 hours. This significant increase was driven by the removal of 14,750,296 SHIB from circulation.
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Burning tokens entails transferring them to a dead wallet address, thereby removing them from circulation. This procedure is frequently used to reduce a cryptocurrency's total supply, potentially enhancing its value by inducing scarcity.
In the last seven days, 616,094,437 SHIB tokens have been burned, contributing to a 360.43% surge in the weekly burn rate.
