Shiba Inu (SHIB) is experiencing a surge in whale activity, with notable accumulation and outflow patterns among large holders.
The Shiba Inu community has intensified its token-burning efforts, with a remarkable 774 million SHIB tokens burnt in just one week, nearly doubling previous rates.
The world’s second-largest meme coin Shiba Inu (SHIB) has been witnessing a massive surge in whale activity resulting in a strong on-chain activity amid the massive surge in the whale holdings. As per data from IntoTheBlock, the Shiba Inu whales have accumulated a staggering 2.85 trillion SHIB tokens in the span of the last 24 hours.
The surge is particularly noteworthy considering the Large Holders Inflow metric, which recorded a remarkable 208% increase in holdings compared to the previous day, amounting to a substantial 1.37 trillion tokens. This influx represents an estimated value of $66.98 million flowing into the wallets of these prominent crypto whales.
However, the situation becomes more complex as it becomes evident that 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.
This trend is further accentuated by the Large Holders Outflow metric, which surged by over 300% during the same period, indicating a heightened rate of outflows compared to inflows. Consequently, the Large Holders Netflow indicator dipped into negative territory, suggesting potential turbulence ahead for the popular cryptocurrency.
Amid this whale activity, the Shiba Inu (SHIB) price is facing some turbulence trading 2.61% down at press time at $0.00002262 and a market cap of $13.33 billion.
Shiba Inu Community Burns 774 Million Tokens
Amid recent market volatility, the Shiba Inu community has shown a remarkable increase in token-burning activity, with a staggering 774 million SHIB tokens burnt within just one week—an almost 200% surge compared to previous rates, per the Crypto News Flash report. 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 burnt, 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, per the Crypto News Flash report. 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.
