- Whale transactions surge over 525%, signaling major holder accumulation trends.
- SHIB burn rate spikes 3,400%, sharply increasing token scarcity levels.
- Trading volume falls 31.9%, raising concerns about broader market support.
Shiba Inu (SHIB) has bounced back strongly after a brief dip, posting a 12% recovery. The meme-inspired cryptocurrency is trading ahead of the wider market, which saw only a 1.78% lift in the same time.
Whale Interest Fuels Momentum
Data from CoinMarketCap shows SHIB trading at $0.00001385, up 4.59% over the past 24 hours. The rebound comes alongside a notable spike in large transactions.Â
Over the last two days, whale activity has surged more than 525%, with many transfers ranging between $1 million and $10 million. Analysts say this type of activity can signal accumulation by major holders, often preceding sustained rallies.
The market cap now stands at $8.16 billion, supported by a circulating supply of 589.24 trillion SHIB. SHIB’s daily trading volume, however, dropped 31.9% to $236.6 million, suggesting fewer participants are driving the price move.
Some traders view this as a potential obstacle to holding above recent highs. Even so, the combination of whale inflows and reduced circulating supply continues to offer upward pressure.
Burn Rate Boosts Supply Reduction
The SHIB ecosystem has also ramped up its token burn strategy to help reduce supply. Recent data shows the burn rate climbing by as much as 3,400% over the period, aimed at supporting price stability by increasing scarcity. The total supply remains at 589.57 trillion tokens, with 589.24 trillion already in circulation.
Community leaders have emphasized the importance of unity, acknowledging that outside pressures had previously contributed to SHIB’s drop from the top 10 cryptocurrencies.
They confirmed there are no promised release dates for upcoming features, though development continues on several initiatives. One preview shows SHIB bridged to Ethereum, complete with an explorer, but the network still requires more work before public access.
While SHIB’s recent performance has turned bullish, its next move may depend on whether the surge in whale activity can translate into broader market engagement. If momentum spreads beyond large holders, the $0.000015 mark could soon become visible.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
