- Shiba Inu (SHIB) has recently seen significant movement in its large transaction volume, according to IntoTheBlock data.
- Despite this movement, the large transaction volume has declined sharply by 58.37% from the previous day.
- Meanwhile, the SHIB burn rate has impressively increased by 59% over the past 24 hours, showcasing efforts to reduce its total supply.
Shiba Inu (SHIB) faces mixed fortunes as large transactions drop but burn rate intensifies, indicating a pivotal moment for the cryptocurrency.
SHIB’s Large Transaction Volume Sees Unprecedented Decline
Over the last 24 hours, Shiba Inu recorded a substantial 1.55 trillion SHIB in large transaction volume, translating to around $26.53 million. However, this figure marks a notable 58.37% decrease compared to the previous day. This sharp decline follows a recent high of 6.43 trillion SHIB in large transactions on June 24, highlighting a trend of diminishing whale activity.
Impact on SHIB Metrics and Burn Rate
Despite the reduction in large transactions, other key metrics for Shiba Inu paint a more optimistic picture. The burn rate of SHIB has surged by 59% in the past day. According to the SHIB burn account, 17,648,859 SHIB tokens were burned across seven transactions. This increased burn activity indicates an aggressive approach toward decreasing the circulating supply of SHIB tokens.
SHIB’s Resilient Community and Address Count
Even with the fluctuations in transaction volumes, SHIB continues to maintain a robust community presence, reflected in its total address count of 4.13 million. This stable number of addresses underscores ongoing interest and involvement from the Shiba Inu community, suggesting strong support for SHIB’s long-term prospects despite the current market uncertainties.
Market Sentiment and Future Outlook
The current drop in large transaction volumes might signal a consolidation phase for Shiba Inu, where market participants re-evaluate their strategies. Typically, during such periods, whale investors remain inactive, waiting for clearer directional cues in the market. This consolidation can often precede significant market movements, setting the stage for potential future price actions.
Technical Analysis of SHIB Price Action
Shiba Inu recently dipped below its daily SMA 200 at $0.000019. Although the bulls made efforts to push the price higher, the momentum was insufficient to sustain a significant rally. Consequently, SHIB has been trading within a narrow range, unable to breach the $0.0000182 resistance level.
As of now, SHIB has gained 0.37% over the past 24 hours, trading at $0.00001746. Should the price fall further, bearish forces could push SHIB’s value down to $0.000017 and potentially to $0.000014 or $0.000010. Conversely, to trigger a bullish reversal, SHIB would need to break above the critical $0.000020 mark, potentially paving the way for a rise toward the 50-day SMA at $0.000023.
Conclusion
The recent trends in Shiba Inu’s market metrics present a mixed scenario. While the sharp drop in large transactions might raise concerns, the substantial increase in the burn rate and the stable address count provide positive signals for SHIB’s long-term potential. Market participants should keep an eye on upcoming price movements and consolidation patterns as they navigate the evolving landscape of Shiba Inu.
