Shiba Inu Large Transaction Volume Up 40%, Burn Rate Crashes 71.5%, What’s Going On?

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Shiba Inu is showing signs of recovering some of its price declines experienced in December, with a notable spike in activity following Bitcoin‘s surge beyond the $100,000 milestone. As a result, there has been a significant uptick in Shiba Inu trading over the past few days. Based on Coinmarketcap data, the daily trading volume of Shiba Inu has risen by approximately 21.2% within the last 24 hours.

As an analyst, I’ve observed a substantial spike in large transaction volumes for Shiba Inu, with a staggering 40% increase over the past 24 hours. However, quite surprisingly, the burn rate of Shiba Inu has plunged sharply, diving by 71.5% within the same timeframe.

Shiba Inu Large Transaction Volume Climbs 40% Amid Market Activity

According to data from blockchain analytics firm IntoTheBlock, there’s been a notable rise in significant transactions involving SHIB. More specifically, they’ve pointed out an uptick using their large transaction volume and USD metric, which focuses on transfers worth over $100,000 on the network. This data offers insight into the current feelings among major crypto players (often referred to as whales).

Per IntoTheBlock’s analysis, there was a significant surge in large Shiba Inu (SHIB) transactions over the past 24 hours, amounting to approximately 1.49 trillion SHIB. While this volume is relatively small compared to certain historical periods, it signifies a noteworthy departure from the downward trend in whale activity observed since January 3. Furthermore, this represents a 37% increase in transaction volume compared to the previous 24-hour period which recorded 1.09 trillion SHIB.

As a researcher, I’ve observed a significant surge in the value of large SHIB transactions within the last 24 hours, amounting to approximately $35.7 million. This figure represents a notable jump of around 38% compared to the previous 24-hour period’s $26 million. Such a rise suggests a bullish trend for Shiba Inu’s price and potentially indicates the commencement of increased investment in Shiba Inu for the remainder of the week.

SHIB Burn Rate Crashes by 71.5%: Can SHIB Keep Up The Momentum?

Although SHIB’s trading activity has significantly risen over the past period, there’s been a substantial drop in the number of SHIB tokens being burned within the last 24 hours. The burning mechanism, designed to decrease the number of circulating SHIB tokens and boost scarcity, is also an important measure of activity, similar to large transaction volume metrics.

Based on data from Shibburn.com’s SHIB token burn tracker, approximately 8,738,201 SHIB tokens were burned within the last 24 hours. This is significantly less than the over 31 million tokens burned in the preceding 24-hour period, indicating a potential slowdown among SHIB holders. If this trend continues, it might negatively impact the token’s price in the near future. However, given the current high trading volume, there’s a possibility that the number of SHIB burn activities could quickly rebound within the next 24 hours.

As I compose this analysis, I find that Shiba Inu is currently being traded at a price point of $0.00002399. Over the last week, this popular meme coin has displayed a significant surge, climbing by 16%.

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2025-01-07 15:26