The Shiba Inu price has been on a rampage alongside many other cryptocurrencies. Over the past 24 hours, Shiba Inu has increased by about 4.4% amidst significant investor interest. Recent on-chain data points toward the possibility that this rally may be far from over, as key indicators signal sustained enthusiasm for SHIB.
Notably, the SHIB burn rate recently skyrocketed 436% as large-scale holders, or whales, pushed up trading volumes with growing interest in the token amid broader market momentum.
Shiba Inu Burn Rate Surges 436%, Whale Activity Pushes SHIB’s Trading Volumes Higher
According to data from Shibburn, Shiba Inu’s token burn rate surged by 436% over the past 24 hours, resulting in the permanent removal of hundreds of millions of SHIB tokens from circulation. Data shows that 52.3 million SHIB tokens were burned in the past 24 hours.
This significant spike in the SHIB tokens burned in a 24-hour timeframe is actually reflective of the bullish sentiment in the cryptocurrency and is one of the most bullish signals.
Whale investors are investors who control vast amounts of SHIB (typically hundreds of millions to billions of tokens) and play a significant role in influencing price action, given the large volume of their trades.
Data from blockchain analytics firm IntoTheBlock (ITB) indicates that the volume of SHIB transactions exceeding $100,000 has reached $294.64 million in the past seven days, which is the largest weekly transaction volumes seen this quarter for SHIB. Furthermore, ITB’s data shows that the amount of large transactions is currently at its highest level since early October, with 4.81 trillion SHIB moved in the past 24 hours. This equates to about $91.91 million.
This rapid escalation is emphasized by the whale transaction volume, which jumped from 895.12 billion SHIB on October 27 to 4.81 trillion SHIB, an increase of around 437% within just 48 hours.
SHIB To Cross $0.00002 Again?
At the time of writing, SHIB is trading at $0.00001886. The meme cryptocurrency is only a few movements up to cross over the $0.00002 price level again. Interestingly, the Shiba Inu price had already retested this level, having reached an intraday high of $0.00001967 in the past 24 hours.
Given the current trend, it seems more a matter of when rather than if SHIB can reclaim the $0.00002 price level. This level would be a key milestone for Shiba Inu, though merely the first step toward restoring broader profitability for many of its holders, as SHIB still sits approximately 80% below its 2024 peak of $0.00003629.
A better aim on the long-term would be to retest this $0.00003629 level, although there are multiple resistance levels to overcome on the way. Continued bullish momentum, supported by a sustained burn rate, could help bolster SHIB’s upward trajectory and increase the likelihood of reaching a new high before the end of 2024.
Featured image created with Dall.E, chart from Tradingview.com