Shiba Inu (SHIB) is currently witnessing a surge in activity from whales, with significant accumulation and outflow patterns among large holders.
The Shiba Inu community is actively burning tokens, with an impressive 774 million SHIB tokens burned in just one week, nearly doubling previous rates.
Shiba Inu, the second-largest meme coin in the world, has experienced a massive increase in whale activity, resulting in strong on-chain activity. According to data from IntoTheBlock, Shiba Inu whales have accumulated a staggering 2.85 trillion SHIB tokens in the last 24 hours.
This surge is particularly noteworthy when considering the Large Holders Inflow metric, which recorded a remarkable 208% increase in holdings compared to the previous day. This influx represents an estimated value of $66.98 million flowing into the wallets of these prominent crypto whales.
However, this surge in accumulation coincides with a significant outflow. During the same timeframe, these well-capitalized SHIB investors divested over three trillion tokens. This substantial sell-off outweighed the accumulation, resulting in a net decrease of 150 billion Shiba Inu tokens over the past 24 hours.
The Large Holders Outflow metric surged by over 300% during the same period, indicating a heightened rate of outflows compared to inflows. As a result, the Large Holders Netflow indicator dipped into negative territory, suggesting potential turbulence ahead for the popular cryptocurrency.
Amidst this whale activity, the price of Shiba Inu (SHIB) is facing some turbulence, trading 2.61% down at press time at $0.00002262 with a market cap of $13.33 billion.
The Shiba Inu community has recently shown a remarkable increase in token-burning activity, with a staggering 774 million SHIB tokens burned within just one week—an almost 200% surge compared to previous rates. This heightened burning activity reflects the community’s strong commitment to reducing token supply and potentially enhancing SHIB’s value.
Despite market fluctuations, the burn rate for Shiba Inu tokens surged by 489.87% in the last 24 hours, totaling $19.34 million. This sudden increase has sparked discussions regarding its potential impact on SHIB’s price. Notably, the highest burn transactions recorded were 650 million, 61.9 million, and 25.85 million SHIB tokens.
Since its inception, a total of 410.72 trillion SHIB tokens have been burned, indicating the ongoing dedication of the community to reducing token circulation. However, the current circulating supply of the meme coin remains at 582.80 trillion SHIB.
Additionally, Shibarium, the layer-2 blockchain supporting the SHIB ecosystem, has witnessed a significant surge in daily transactions, approaching the one-million mark. This rise in transaction activity underscores the increasing investor confidence in Shiba Inu’s ecosystem and its potential for further growth and adoption.
In the last week, SHIB has experienced a decline of 25% in its price, mirroring the continued volatility seen across the cryptocurrency market. Based on on-chain analytics provided by IntoTheBlock, Shiba Inu appears to be striving to sustain a trading range between 51 trillion SHIB tokens, valued approximately from $0.000022 to $0.000025. Within this range, 57,520 addresses collectively hold 51.27 trillion SHIB, with an average acquisition price of around $0.00023 per token.