Shiba Inu Large Transaction
Volume Up 40%,
Burn Rate Crashes 71.5%,
What s
Going On?
Shiba Inu Large Transaction Volume Up 40%, Burn Rate Crashes 71.5%,
What s Going On?
by Scott Matherson
3 minutes ago
in Altcoin News , Shiba Inu
0
Shiba Inu is starting to reverse some of its price losses in December as the
crypto industry reacts after Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin s recent break above the $100,000
psychological level. This has seen the activity of Shiba Inu increase notably
in the past few days. According to data from Coinmarketcap, the trading volume
of Shiba Inu has increased by about 21.2% in the past 24 hours.
Shiba Inu has also seen a significant increase in large transaction volumes,
which have surged by 40% over the last 24 hours. In stark contrast to the rise
in transaction volume, Shiba Inu s burn rate has dropped sharply,
falling by 71.5% within the same timeframe.
Shiba Inu Large Transaction Volume Climbs 40% Amid Market Activity
The increase in SHIB s large transactions is highlighted by on-chain
data from IntoTheBlock, a blockchain• Информационные технологии » Информационно-коммуникационные технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн
• Высокие технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн analytics company. Particularly, it is
highlighted by IntoTheBlock s large transaction volume and USD metric,
which tracks the volume and value of transfers exceeding $100,000 on the
blockchain• Информационные технологии » Информационно-коммуникационные технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн
• Высокие технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн network. As such, this is an important metric to peek into the
current sentiment among crypto whales.
Related Reading: Why You Should Expect A Strong Bullish Move From The Dogecoin
Price After Its 46% Crash
According to IntoTheBlock , the volume of large SHIB transactions has come up
to 1.49 trillion SHIB in the past 24 hours. Although this is small compared to
some 24-hour timeframes in the past, it marks a notable deviation from a whale
activity reduction trend since January 3. It also marks a 37% increase in
volume from the previous 24-hour timeframe of 1.09 trillion SHIB.
In terms of value, SHIB large transactions in the past 24 hours come up to a
collective $35.7 million, which is an increase of about 38% from the previous
24-hour timeframe of $26 million. This sort of increase points bullish for the
Shiba Inu price and could be the first step in an inflow of money into Shiba
Inu for the rest of the week.
Source: IntoTheBlock
SHIB Burn Rate Crashes by 71.5%: Can SHIB Keep Up The Momentum?
Despite the increase in SHIB trading volume all around, the SHIB burn rate has
witnessed a corresponding notable crash in the previous 24 hours. The burn
mechanism, which is aimed at reducing the circulating supply of SHIB tokens to
increase scarcity, also holds weight as an indicator of activity like the
large transaction volume metric.
Related Reading: Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin CME Futures Pushes Above $100,000, BTC Price Now In
The ‘Bull Zone’
According to SHIB burn tracker Shibburn.com, the total number of SHIB tokens
burned in the past 24 hours came up to 8,738,201 SHIB, which is a stark
reduction in the over 31 million SHIB tokens burned in the previous 24-hour
timeframe. This notable decline could point to a slowdown among SHIB holders,
which could spell a negative effect on its price in the short term. However,
it would be prudent to see how the SHIB burn trend plays out in the next 24
hours, as the current trading volume activity suggests a quick bounce in the
number of SHIB burn activities.
Source: Shibburn
At the time of writing, Shiba Inu is trading at $0.00002399. The meme coin is
up by 16% in the past seven days. SHIB bulls push for recovery | Source:
SHIBUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
