Shiba Inu is starts to turn some of it price losses in December as the crypto industry reacts after Bitcoins last break above $100,000 psychological level. This has seen Shiba Inu activity increase especially in recent days. According to data from Coinmarketcap, trading volume for Shiba Inu has increased by approximately 21.2% in the last 24 hours.
Shiba Inu has also seen a significant increase in large transaction volumes, increasing by 40% in the last 24 hours. In stark contrast to the increase in transaction volume, Shiba Inu’s burn rate has fallen sharply, falling 71.5% in the same time frame.
Shiba Inu Large transaction volumes rise 40% during market activity
The increase in SHIB’s large transactions is highlighted by on-chain data from IntoTheBlock, a blockchain analytics company. It is particularly highlighted by IntoTheBlock’s large transaction volume and USD metrics, which track volume and value of transfers exceeding $100,000 on the blockchain network. As such, this is an important metric to peer into the current sentiment among crypto whales.
According to IntoTheBlockthe volume of large SHIB transactions has reached 1.49 trillion SHIB in the last 24 hours. While this is small compared to some 24-hour time frames in the past, it marks a notable departure from a trend of declining election activity since January 3rd. It also marks a 37% increase in volume from the previous 24-hour period of 1.09 trillion SHIB .
In terms of value, SHIB large transactions in the last 24 hours come to a total of $35.7 million, which is an increase of about 38% from the previous 24-hour period of $26 million. This type of increase points is bullish for the Shiba Inu price and could be the first step in an influx of money into the Shiba Inu for the rest of the week.
SHIB burn rate crashes at 71.5%: Can SHIB keep up?
Despite the increase in SHIB trading volume all around, the SHIB burn rate has seen a correspondingly notable crash over the past 24 hours. The burning mechanism, i.e aims to reduce the circulating supply of SHIB tokens to increase scarcity, also keeps the weight as one indicator of activity which the metric for large transaction volume.
According to the SHIB burn tracker shibburn.com, the total number of SHIB tokens burned in the last 24 hours came to 8,738,201 SHIB, which is a sharp decrease from the over 31 million SHIB tokens burned in the previous 24-hour period. This notable decline may point to a slowdown among SHIB holders, which could have a negative effect on the price in the short term. However, it would be wise to watch the trend of SHIB burning over the next 24 hours as the current trading volume activity suggests a quick bounce in the number of SHIB burning activities.
At the time of writing, Shiba Inu is trading at $0.00002399. Meme coin has increased by 16% in the last seven days.
Featured image created with Dall.E, charts from Tradingview.com
