The Shiba Inu cryptocurrency has captured significant attention in the crypto market with its remarkable price surge. Over the past 24 hours, SHIB has experienced an impressive increase of approximately 4.4%, reflecting a wave of investor interest. Recent on-chain data suggests that this rally may continue, as key indicators highlight sustained enthusiasm for SHIB among traders and investors.
Shiba Inu Burn Rate Surges 436%, Whale Activity Pushes SHIB’s Trading Volumes Higher
In a striking development, the SHIB burn rate has soared by an astounding 436% in the past 24 hours, according to Shibburn. This increase has resulted in the permanent removal of hundreds of millions of SHIB tokens from circulation. Specifically, data reveals that 52.3 million SHIB tokens were burned within this short timeframe. Such a substantial spike in the burn rate is indicative of a bullish sentiment within the cryptocurrency market, serving as one of the most promising signals for investors.
Whale investors, who hold vast amounts of SHIB (typically ranging from hundreds of millions to billions of tokens), play an influential role in driving price action due to the significant volume of their trades. Insights from blockchain analytics firm IntoTheBlock (ITB) reveal that SHIB transactions exceeding $100,000 have reached a staggering $294.64 million in the past week, marking the largest weekly transaction volume recorded this quarter for SHIB. Furthermore, ITB’s data indicates a peak in large transactions since early October, with an impressive 4.81 trillion SHIB tokens moved in the past 24 hours, equating to approximately $91.91 million.
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This rapid escalation is underscored by the whale transaction volume, which surged from 895.12 billion SHIB on October 27 to a remarkable 4.81 trillion SHIB, marking an increase of around 437% within just two days.
SHIB To Cross $0.00002 Again?
As of the latest update, SHIB is trading at $0.00001886. The meme cryptocurrency is on the verge of crossing the $0.00002 price level once more. Interestingly, Shiba Inu had already tested this level, achieving an intraday high of $0.00001967 in the past 24 hours.
Given the current upward trend, it appears to be a question of when, rather than if, SHIB will reclaim the $0.00002 price level. This level represents a crucial milestone for Shiba Inu, marking the initial step toward restoring broader profitability for many of its holders, as SHIB is still approximately 80% below its 2024 peak of $0.00003629.
In the long term, a more ambitious goal would be to retest the $0.00003629 level, although several resistance levels need to be overcome along the way. Continued bullish momentum, supported by a sustained burn rate, could propel SHIB’s upward trajectory and enhance the likelihood of reaching a new high by the end of 2024.
Conclusion
As Shiba Inu continues to capture the interest of investors and traders alike, its recent price surge and significant burn rate increase highlight the dynamic nature of the cryptocurrency market. With whale activities driving trading volumes and key milestones on the horizon, SHIB remains a focal point for those seeking opportunities in the crypto space. Whether SHIB can achieve new highs depends on sustained momentum and overcoming resistance levels, making it a captivating asset to watch closely in the coming months.
