Shiba Inu (SHIB), the second-largest meme cryptocurrency, could be positioned for a rebound after recent on-chain data showed increased whale activity. This uptick suggests institutional investors show renewed interest, which could drive positive price movement.
According to data from IntoTheBlock, there has been a significant rise in large transactions on the Shiba Inu network. Over the past 24 hours, the number of substantial SHIB transactions, valued at over $100,000, surged to 45, up from a recent low of 34.
This increase in whale activity has resulted in the movement of more than 1.97 trillion SHIB within a single day—the highest level of activity since the beginning of September. This is a sharp increase from the 696.5 billion SHIB transacted on September 1, reflecting the growing presence of large holders in the market.
In monetary terms, these large transactions accounted for $25.8 million in value over the past 24 hours, though this represents a decline compared to the $49.37 million in large transactions seen on August 30.
SHIB Burn Activity Sees Notable Increase
In addition to the surge in whale activity, Shiba Inu has experienced a rise in its burn rate. Data from Shibburn, a community-run SHIB burn tracker, shows an 189% increase in burned tokens. On Tuesday alone, approximately 2,064,565 SHIB tokens were burned, signaling a growing effort by the community to reduce the circulating supply.
However, this SHIB burn activity remains below the levels seen during the end of August. Notably, on August 31, the “Living the Dream” (LTD) project, a Shiba Inu-linked initiative, burned 500 million SHIB over two days, representing one of the largest token burns in recent memory.
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SHIB Faces Persistent Bearish Pressure
Despite these positive developments, Shiba Inu’s price continues to struggle. As of press time, SHIB is trading at $0.00001349, with a 2.13% increase in the last 24 hours and a 4.61% decline in the past 7 days. This drop is part of a larger bearish trend that has seen SHIB underperform in the market, even as on-chain activity shows promise.
Over the past seven days, bearish sentiment has outweighed bullish sentiment, with 138 bearish addresses compared to 132 bullish ones. In this context, “bulls” are addresses that purchase more than 1% of the token’s 24-hour trading volume, while “bears” are those that sell more than 1%.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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