As a seasoned researcher with a keen eye for market dynamics, I find myself intrigued by the recent developments surrounding Shiba Inu (SHIB). The 70.55% drop in whale activity might initially raise eyebrows, but upon closer examination, it seems to indicate a shift towards retail investors driving the price increase. This is reminiscent of the ‘Dogecoin effect’ we witnessed earlier, where small investors banded together to influence prices significantly.
Based on data from IntoTheBlock, there were approximately 5.72 trillion SHIB tokens involved in significant transactions over the last 24 hours, which typically indicates high-level investor (whale) activity.
Contrary to the significant amount seen today, it signifies a substantial 70.55% decrease in whale activity compared to past days. This implies that even though the total number of large transactions has gone down, the market conditions seem to be shifting towards a rise in prices.
It’s worth noting that during the same span, the value of Shiba Inu rose by 8%. Currently, the price of SHIB is standing at $0.000025, still preserving about 30% of its weekly growth.
This rise in prices despite less whale involvement suggests a robust demand base and optimistic attitude from individual investors. The dwindling number of whale trades might mean that more retail investors are taking over, fueling the price surge.
It appears that the market is closely monitoring the latest advancements within the Shiba Inu system, such as new collaborations and technological improvements.
This week, it was revealed that GetBlock has been appointed as the official RPC (Remote Procedure Call) service provider by Shiba Inu. This move is anticipated to enhance the foundation of Shibarium, leading to a more swift and robust experience for the Shiba Inu community.
In related news, the Shibarium Token Asset Repository has been activated, enabling token holders on Ethereum Sepolia and Shibarium Puppynet to enhance their tokens’ visibility by uploading pictures and additional information.
With the growing interest in the cryptocurrency market, everyone is eagerly watching to see what direction Shiba Inu takes next. Whether its price will go up further or not is uncertain, since its future price trend is yet to be determined.
Shiba Inu burn rate jumps 114%
As reported on Shibburn’s website, the burning rate of Shiba Inu (SHIB) has soared by an impressive 114% within the last 24 hours. This significant jump was primarily fueled by the elimination of approximately 14,750,296 SHIB tokens from circulation.
Destroying tokens involves sending them to an inactive wallet, effectively taking them out of the circulating supply. This action is commonly employed to lower the overall quantity of a cryptocurrency, which could increase its value due to the perceived rarity or scarcity it creates.
Over the past week, I’ve observed a significant increase in the Shiba Inu token burn rate. Specifically, approximately 616 million SHIB tokens have been removed from circulation, which represents a whopping 360.43% jump in the weekly burn rate. This trend suggests a growing commitment towards reducing the token supply and potentially boosting its value.
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2024-11-16 15:41