Shiba Inu, a cryptocurrency that originated as a meme but has now solidified its market presence, is making waves with the ‘Shibarium’ launch on the horizon. Data from IntoTheBlock reveals that the crypto’s whales – entities holding large quantities – have shifted billions of SHIB tokens in the past 24 hours.
This vast movement of funds coincides with an increase in Shiba Inu’s large transaction volume, reaching roughly 1.13 trillion SHIB. It appears that large-scale investors are making their moves in anticipation of the cryptocurrency’s next big announcement, which is likely to be the Shibarium launch.
Whales And Burn Rates – Shiba Inu Active Market
The metric of large transaction volumes serves as a key indicator, offering a snapshot of the activities carried out by prominent players, often called ‘whales,’ within the crypto ecosystem during a specific timeframe.
This measure mainly provides valuable insights into the magnitude of transactions made by these influential participants on any given day, reflecting their potential impact on the market dynamics.
IntoTheBlock defines large transactions as transfers exceeding $100,000. And as it stands, the recent activity shows increasing movements on the Shiba Inu market, with whales adjusting their holdings. Simultaneously, there has been a significant uptick in the burning of SHIB tokens, doubling in the past 24 hours.
According to data from Shibburn, a platform solely for tracking Shiba Inu burn activities, over 62 million SHIB tokens have been eliminated from circulation in the past day, increasing the total SHIB burn rate by 220% over the same period.
Notably, this deliberate reduction of available tokens is a strategy often used in the crypto sphere to create scarcity and potentially drive up the value of the remaining tokens in the long, in this case, the price of SHIB.
The Shibarium Anticipation
The recent activity among SHIB’s largest holders may be connected to the upcoming Shibarium launch. Bitcoin advocate Davinci Jeremie has recently expressed his bullish sentiment on X (formerly known as Twitter), stating, “Big things are happening for Shib looking forward to [seeing] what happens.”
Further fuelling the anticipation, the official SHIB account on X also hinted at the community with a post featuring a cheerful expression of a Shiba Inu dog. However, the specifics of what these “big things” could be remain uncertain, further stoking the fires of curiosity and excitement among the Shiba Inu investors.
— Shib (@Shibtoken) August 2, 2023
However, as the curtain rises on the next chapter for Shiba Inu, the recent flurry of whale activity and the increased burn rate underline a market bracing for impact. Whether the coming changes propel SHIB to new heights or steer it down another path is a story that remains to be written.
Meanwhile, Shiba Inu token SHIB has seen quite a retrace in the past 24 hours following a more than 5% increase over the past 7 days. At the time of writing, SHIB trades for $0.00000817 down by 1.1% in the past 24 hours.
Featured image from Unsplash, Chart from TradingView