The price of Shiba Inu (SHIB) might bounce back as signs of recovery emerge in key on-chain indicators. Notably, there’s been an uptick in the rate at which SHIB tokens are being destroyed, as evidenced by a persistent rise in the number of tokens burned recently.
Shiba Inu Demand Looks To Be On The Rise
Over the last few days, there’s been heightened action from large Shiba Inu investors, or “whales.” According to blockchain information, 1.7 trillion SHIB tokens were moved to a wallet connected to Robinhood. While such a significant transfer to a centralized exchange could typically spark concerns about an imminent market sell-off, the current situation seems different.
Robinhood and Binance appear to be acquiring large quantities of SHIB tokens in response to customers’ high demand for this cryptocurrency. The same trend is observed with Binance, the leading crypto exchange, which recently moved approximately 464 billion SHIB from one wallet to another.
A significant number of substantial Bitcoin transactions have emerged concurrently with news from Bitcoinist about a Shiba Inu investor spending approximately $19 million to acquire around 692 billion SHIB coins. This particular investor, identified as a “whale,” seems to be in it for the long haul, moving their newly acquired SHIB to a secure non-custodial wallet.
A rise in whale interactions signals good news for the Shiba Inu market, potentially boosting the meme coin’s price rebound. Previously, SHIB faced a downturn due to several concerning metrics on the blockchain. Among these indicators was the significant decrease in large transactions, which Bitcoinist noted had fallen by more than 10%.
Shiba Inu’s Burn Rate Increases By Over 1,200%
According to Shibburn’s data, the number of SHIB tokens being burned on their platform has skyrocketed by an astounding 1287% within the past day, amounting to a total of 135 million tokens. Moreover, this trend of increased burns has been ongoing, with the burn rate jumping by approximately 129% over the last week.
The ongoing rise in SHIB token burns is noteworthy and positive, given their influence on the cryptocurrency’s price. Sustained burns have been particularly beneficial, as SHIB has struggled recently. Remarkably, this achievement comes at a time when Shibarium transactions have yet to reach expected volumes.
The Shiba Inu team’s efforts to promote the layer-2 network are anticipated to result in increased activity soon. Notably, WoofSwap DEX unveiled its SHIB-314 token protocol on Shibarium, which may lead to a rise in transactions on the network as well.
Currently, Shiba Inu (SHIB) is priced at approximately $0.00002884 during this writing session, representing an increase based on information obtained from CoinMarketCap within the past 24 hours.
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2024-04-10 00:04