Shiba Inu Records 240% Spike In This Key Metric

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As a seasoned researcher with years of experience in the dynamic world of cryptocurrencies, I find myself intrigued by the recent surge in large transactions for Shiba Inu (SHIB). The 240% increase in large transaction volume suggests that whales are actively accumulating this meme coin, potentially setting the stage for a significant price rally.

It appears that Shiba Inu (SHIB) is once more drawing interest from big crypto investors, as data from the blockchain indicates a significant increase of 240% in this critical factor. This surge could potentially lead to an impressive price surge for the second-largest meme coin by market capitalization.

Shiba Inu Records 240% Surge In Large Transactions

According to data from market intelligence platform IntoTheBlock, the number of significant Shiba Inu transactions skyrocketed by an impressive 240% on August 11, reaching a whopping 781.4 billion SHIB. This surge continued on August 12, with a further increase of over 93%, resulting in 1.51 trillion SHIB being transacted that day.

Shiba Inu Records 240% Spike In This Key Metric

A notable increase in large-scale transactions indicates that prominent crypto investors, often referred to as “whales,” are aggressively buying Shiba Inu tokens. This meme coin aims to regain its previous support at approximately $0.00002. According to IntoTheBlock’s analysis, these whales had previously sold a substantial portion of their holdings during last week’s crypto market downturn.

Given the market’s recovery, it makes sense that these whale investors would be inclined to increase their holdings of Shiba Inu. After all, Shiba Inu has significant potential for growth during this bull run. These large investors could potentially trigger a substantial price surge for Shiba Inu, given their influence on the market.

It is also worth mentioning that SHIB’s strong positive price correlation with Bitcoin is again on the rise, currently at 0.79. This represents a positive for the meme coin as its price could significantly increase as the flagship crypto records new highs. However, Shiba Inu community members still have cause to be worried as other on-chain metrics paint a bearish picture for the meme coin. 

The expansion of the Shiba Inu network has slowed down, potentially due to fewer new investors joining the community. Moreover, about half of its holders are still in debt, which may hinder any price increase for the meme currency. Those investors currently owning Shiba Inu at a loss might quickly sell their tokens as soon as they reach break-even point, thereby increasing selling pressure on the meme coin.

SHIB’s Burn Rate Spikes By 573%

Data from the burn tracking website Shibburn shows that Shiba Inu’s burn rate has spiked by over 573% in the last seven days, with over 151 million Shiba Inu tokens burned during this period. This comes amid the layer two network Shibarium’s transition to an automated burn mechanism. 

As a seasoned cryptocurrency investor with over a decade of experience under my belt, I can confidently say that this recent network transition is a game-changer for Shiba Inu (SHIB). The decision to automatically convert and burn 70% of base transaction fees will undoubtedly have a significant impact on the token’s price. This move could potentially drive up the value of SHIB as more tokens are removed from circulation, making each remaining coin scarcer and more valuable.

Despite a decrease in Layer-2 network activity since the beginning of the year, it must regain the levels achieved in December 2023 for approximately $Billion worth of Shiba Inu tokens to be incinerated this year, thanks to Shibarium.

Based on information from CoinMarketCap, Shiba Inu is currently being traded at approximately 0.00001372 USD, and it has increased over the past 24 hours.

Shiba Inu Records 240% Spike In This Key Metric

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2024-08-14 04:11