As a researcher with experience in cryptocurrency market analysis, I find the recent developments in Shiba Inu (SHIB) intriguing. The significant increase in large transaction volume over the past 24 hours, valued at approximately $26.53 million, is impressive but represents a decline of 58.37% compared to the previous day. This drop in whale activity follows a seven-day high and suggests a period of consolidation for SHIB.
Based on IntoTheBlock’s data, there were over 1.55 trillion SHIB tokens with substantial value transactions, totaling around $26.53 million, transacted within the last 24 hours.
I’ve analyzed the data and found that although today’s transaction volume of 2.71 trillion SHIB is impressive, it represents a substantial 58.37% decrease compared to the previous day’s figure. This decline follows a seven-day peak of 6.43 trillion SHIB on June 24, suggesting a consistent downturn in large transactions – a clear sign of reduced whale activity.
Despite a decrease in large transactions, there are promising developments with Shiba Inu‘s key performance indicators. Specifically, the token burn rate has surged by 59% within the last 24 hours, signaling a stronger drive to eliminate SHIB tokens from circulation.
Based on the SHIB burn X report, over the last 24 hours, a sum of 17,648,859 SHIB coins was eliminated in seven separate transactions, representing a noteworthy surge of 59% in the burning rate.
Additionally, the number of unique Shiba Inu wallet addresses continues to be strong, reaching a total of 4.13 million. This significant figure underscores the ongoing commitment and involvement of the Shiba Inu community, even amidst market instability.
As an analyst, I’ve observed that the consistent count of SHIB addresses indicates a solid community of believers and investors in the coin, who are committed to its future growth.
Large transactions have been decreasing in Shiba Inu lately, possibly signaling a time of reflection for the market. In these periods, investors typically review their holdings and plans, while big players, or “whales,” tend to wait on the sidelines before making significant moves that could impact prices.
SHIB price action
Shiba Inu dropped below its daily Simple Moving Average (SMA) of $0.000019. Following this decline, bulls made an effort to push the price upward, but their attempts lacked significant momentum. Consequently, SHIB has been trading within a limited range and hasn’t managed to surpass the mark of $0.0000182.
At the time of writing, SHIB was up 0.37% in the last 24 hours to $0.00001746.
Should SHIB experience additional drops in price, bears might attempt to push the value below the $0.000017 mark. If successful, the price could potentially reach as low as $0.000014, and even further down to $0.000010.
Should buyers aim for a resurgence, the SHIB token price must surpass the significant threshold of $0.000020 again. This milestone could pave the way for an upswing toward the 50-day Simple Moving Average at $0.000023.
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2024-06-27 18:52