According to CryptoPotato, Shiba Inu has experienced a significant increase in its burn rate and whale activity. The burn rate has surged by 450% in the past 24 hours, resulting in nearly 50 million tokens being sent to a null address. Although the USD equivalent of these tokens may be minor, continuous efforts in this area could positively impact the price. Data indicates that over 41% of SHIB's total supply has been destroyed, which could lead to scarcity and potentially increase the coin's value if demand remains steady or rises.
Shiba Inu whales have also been notably active recently. Data from IntoTheBlock shows that the aggregated daily volume of transactions exceeding $100,000 neared $900 million, marking an 1,800% increase compared to figures from July 18. Additionally, several Shibarium metrics, such as active accounts, new transactions, and verified contract growth, have shown positive trends in recent days. Shibarium, a layer-2 scaling solution, was launched less than a year ago to enhance Shiba Inu's development by reducing transaction costs, improving speed, and increasing scalability.
Despite a recent price correction of around 7%, Shiba Inu's price has risen by 125% over the past year, benefiting many investors. Currently, 52% of SHIB holders are in profit, while 46% are at a loss. This is a significant improvement compared to September 2023, when nearly 90% of Shiba Inu investors were underwater. Some analysts believe that the asset's price could reach new heights. Earlier this year, the X user Rekt Capital predicted that Shiba Inu's valuation might surge by triple digits if it surpasses the critical resistance level of $0.00002741. SHIB briefly reached this level at the end of May.