Shiba Inu (SHIB) goes up by 1,173% as big investors make interesting moves.
The Shiba Inu (SHIB) cryptocurrency, with a dog theme, has experienced a significant increase in on-chain activity in the past 24 hours. Some of the biggest holders of SHIB, known as whales, have transferred large amounts of SHIB to different destinations.
Data from the blockchain analytics platform IntoTheBlock shows that the volume of large transactions involving SHIB, valued at $100,000 or more, has surged by an impressive 1,173.58% in the last 24 hours. The volume of these substantial transactions has increased from 408.72 billion SHIB on Jan. 18 to 5.15 trillion SHIB on Jan. 19, representing a growth of 4.74 trillion SHIB.
The monetary value of these large transactions is $47.64 million. A rise in the volume of large transactions usually indicates significant activity among whales, whether they are buying or selling.
In the past 24 hours, the total transaction volume recorded on-chain amounted to 6.48 trillion SHIB, a notable increase from 1.61 trillion SHIB on Jan. 18 to 6.48 trillion SHIB on Jan. 19.
This surge in on-chain activity has coincided with a recovery in the price of SHIB, which has seen an almost 5% gain in the last 24 hours.
SHIB Price Update
The price of Shiba Inu experienced a rebound after a significant drop on Friday, reaching lows of $0.00000878. The gains continued into early Saturday trading, with SHIB showing a 2.31% increase in the last 24 hours, bringing it to $0.00000947.
Shiba Inu bulls are persistently working to remove a zero from the SHIB price. While they haven’t achieved their goal yet, their efforts seem to be making progress.
To reach their target, Shiba Inu bulls will need to face the daily MA 50 at $0.000010 on the upside.
Meanwhile, Shiba Inu Layer 2, Shibarium, is approaching a significant milestone with almost 300 million total transactions. According to the Shibariumscan explorer, the total transactions currently stand at 296,739,458. The number of wallet addresses is 1,342,391, and total blocks are at 2,739,095.
Positive SHIB Burn Rate Signals Bulls’ Readiness for Shiba Inu Price Rally
Shiba Inu Burn Rate Surges 357% as Millions of SHIB Tokens Sent to Inactive Wallets
The cryptocurrency Shiba Inu (SHIB), known for its dog theme, has experienced a notable increase in its burn rate over the past 24 hours. The community has actively burned millions of SHIB tokens, aiming to decrease the overall supply.
Data from Shibburn, a platform monitoring SHIB burns, reveals a remarkable 357.48% surge in the burn rate within the last day, resulting in the burning of 14 million (14,000,832) SHIB tokens.
Over the past seven days, a total of 152,246,124 SHIB tokens were burned through various transactions. Shiba Inu bulls attempted once again to decrease the SHIB price by removing a zero, but they couldn’t quite reach the $0.00001 level. The highest point the SHIB price reached was $0.0000098 on Jan. 20 before encountering resistance, putting a halt to the price increase from the lows seen on Friday.
Following a dip to $0.00000878 on Friday, the Shiba Inu price rebounded, showing modest gains in early Sunday trading. In the last 24 hours, SHIB has increased by 0.86% and is now at $0.0000095.
To achieve significant gains, bulls need to break through the barrier between $0.000010 and $0.000014. According to data from Into The Block, 168.53 trillion SHIB were purchased by 260,230 addresses within this range. This zone represents a major resistance cluster, and selling pressure may be expected as investors aim to sell when they reach their break-even point.
While bulls seem to be taking a pause, conserving energy to overcome this obstacle and ensuring the current SHIB price levels are maintained, the overall performance of SHIB’s price might be influenced by the sentiment and direction of the broader cryptocurrency market. The market is currently showing signs of recovery after the decline following the approval of the Bitcoin ETF.
In significant developments, Shiba Inu Layer 2 Shibarium is on the verge of reaching a significant milestone: 300,000,000 total transactions. According to the Shibariumscan explorer, total transactions have reached 299,843,710. The number of wallet addresses is now 1,342,739, and total blocks have reached 2,757,656.
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