Shiba Inu Whale Activity Declines Despite Uptick in Burn Rate

Shiba Inu Whale Activity Declines Amid Consolidation

Shiba Inu (SHIB) has experienced a decline in whale activity, with a significant drop in whale transactions. Despite a slight uptick in the 24-hour burn rate, whale transactions involving SHIB worth at least $100,000 have been low in the past four weeks. Transactions valued at $1 million or more have also observed a discouraging trend, declining since mid-July. These spikes were more prominent in February and March, indicating sustained interest in SHIB among whales. However, as the asset consolidated, whale transactions started declining, and recent spikes in mid-July were short-lived. Despite the drop in whale transactions, SHIB has held firm above $0.000008, accompanied by a slight increase in the burn rate.

Key Points:

Whale transactions involving SHIB valued at $100,000 or more have been low in the past four weeks.
Transactions valued at $1 million or more have declined since mid-July.
Spikes in whale transactions were more prominent in February and March when SHIB hit its yearly peak.
Recent spikes in mid-July were short-lived as whale interest quickly waned.
Despite the decline in whale transactions, SHIB has held firm above $0.000008. The burn rate has also seen a slight increase.

Despite the recent decline in whale transactions, SHIB has maintained its value above $0.000008. The burn rate, a measure of tokens being destroyed, has also shown a slight increase. The community-driven SHIB burn tracker, Shibburn, reports a burn rate of 52.6 million daily tokens, indicating a 40.96% increase compared to the previous day. However, the weekly burn rate has dropped by over 49%. Currently, SHIB is trading at $0.00000817, down 1.33% in the past 24 hours. Although SHIB has shown bullish momentum in the short term, it remains below the 200-day EMA.

Hot Take:

Despite the decline in whale activity, SHIB has held its ground above $0.000008, indicating strong support at this level. The increase in the burn rate is a positive sign, as it indicates a reduction in the supply of SHIB tokens. However, the overall market sentiment towards SHIB remains uncertain, as whale transactions continue to decline. It remains to be seen whether SHIB can sustain its bullish momentum and break above the 200-day EMA to attract renewed interest and investment.