Recently, Shiba Inu has experienced a surge in its burn rate and a notable increase in whale activity within its ecosystem. Despite facing a correction in its price, SHIB has seen a 125% gain over the past year, with a significant proportion of holders currently in profit.
The burn rate of Shiba Inu has spiked by a staggering 450% in the last 24 hours, resulting in approximately 50 million tokens being sent to a null address. While the USD equivalent of the burned tokens may seem insignificant, continuous efforts in this area could positively impact the price of SHIB. Data indicates that over 41% of SHIB’s total supply has been destroyed, leading to increased scarcity which could potentially drive up the value of the meme coin.
Whale Activity and Transaction Volumes
Whales in the Shiba Inu ecosystem have been highly active recently, with aggregated daily transaction volumes surpassing $900 million. This represents an incredible 1,800% surge compared to figures from just a few weeks ago. The heightened whale activity, along with the increase in burn rate, signals renewed interest and activity within the SHIB community.
Several Shibarium metrics, such as active accounts, new transactions, and verified contract growth, have been trending upwards in recent days. Shibarium, a layer-2 scaling solution introduced less than a year ago, aims to support the development of Shiba Inu by reducing transaction costs, enhancing speed, and improving scalability. These positive indicators suggest potential growth and evolution within the Shiba Inu ecosystem.
Valuation and Investor Profitability
Despite recent price fluctuations, Shiba Inu remains in a favorable position on a weekly basis, with a remarkable 125% increase in price over the past year. Currently, 52% of SHIB holders are enjoying profits, marking a significant improvement from previous years when the majority of investors were underwater. Analysts foresee further potential for price growth, particularly if SHIB surpasses critical resistance levels.
The recent developments in Shiba Inu, including the significant increase in burn rate, heightened whale activity, and positive Shibarium metrics, point towards a promising future for the meme coin. While short-term price corrections are inevitable, the overall trajectory of SHIB seems to be upward, attracting interest from new investors and benefiting existing holders. It will be interesting to monitor how these bullish indicators impact the price of SHIB in the coming weeks and months.
