Shiba Inu Whale Movements See Drastic Rise
Large investors in the Shiba Inu meme coin have been increasing their on-chain transactions. Data from IntoTheBlock shows that these big holders have been moving coins at a higher rate.
The volume of large transactions surged between February 4 and 5, reaching one of the highest levels in 2024. These transactions involve $100,000 or more, which currently equates to a minimum of 11.3 billion SHIB tokens.
According to IntoTheBlock, this metric rose from 544 billion on February 4 to 2.82 trillion tokens on February 5. In dollar value, this represents an increase from $4.88 million to $25 million, indicating a surge of over 500% in just one day.
Interestingly, this surge in transaction volume was observed across only 33 total transactions, suggesting that whales are moving larger volumes of SHIB per transaction.
Coincidence With High SHIB Burn Rates?
While the volume of large transactions increased, another metric also saw a significant uptick: the number of SHIB tokens being burned daily. Data from Shibburn shows a 282% increase in the burn rate over the past day.
In the past 24 hours, there have been a total of 6,643,089 $SHIB tokens burned and 7 transactions. Visit to view the overall total of #SHIB tokens burned, circulating supply, and more. pic.twitter.com/2ZfruZazNO
— Shibburn (@shibburn) February 6, 2024
These burns, combined with the rise in whale transactions, could indicate a rally among investors. However, in terms of dollar value, the SHIB burn is less significant compared to the whale transaction volumes. In the 24-hour period, only a little over 6.64 million tokens were burned, amounting to just $59.12.
The most likely scenario for a recovery in the price of Shiba Inu would be a general market recovery. As Bitcoin struggles to break through the $43,000 resistance, altcoins like SHIB are expected to continue experiencing a gradual decline. However, once Bitcoin’s fortunes change, altcoins are likely to follow suit.
Hot Take: Shiba Inu Whale Movements and SHIB Burn Rates Indicate Potential Rally
Recent data suggests that large investors in Shiba Inu have been increasing their on-chain transactions, while there has also been a significant uptick in the burn rate of SHIB tokens. This combination could potentially propel the meme coin towards another rally.
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