SHIB price hike has gained the focus of the crypto whales, as the on-chain statistics below depict a whopping 240% rise in this critical parameter. Bigger transactions have increased noticeably, indicating that bigger investors or whales are holding and accumulating their investments in Shiba Inu as this memecoin aims for another attempt at rallying to massive hikes.
According to data from IntoTheBlock, the addresses offloaded a huge portion of their holdings last week after the crypto market plunged.
SHIB Price Hike: 240% Surge in Large Transactions Activity
Data from the market intelligence platform IntoTheblock revealed that Shiba Inu’s large transaction volume increased by 240% to average 781. 4 Billion SHIB on August 11 from a network that has accumulated only 326. 98 Billion SHIB the previous day. These large transactions shot up further on the 12th of August, increasing by over 93% on that day.
With the market recovering again, these whales would be prudent to scale up their positions, given the potential heights Shiba Inu could still possibly get to in this bull cycle. The same whales can help bring about a huge upside for the price of Shiba Inu given the influence they have had on the market.
Focusing on correlations, it is also a good idea to note that the SHIB/BTC net positive price correlation at this level has also grown and is currently at 0. 79.
In general, the net network growth has become stagnant which means that fewer investors are investing in the Shiba Inu ecosystem. More than half the holders are still at a loss, and they risk halting any potential recovery of the meme coin’s value.
People who have accumulated Shiba Inu Coin at a loss may decide to sell their tokens immediately they make a profit, efforts which creates downstream selling pressure to the coin.
Burn Rate Increased by 573%
Shibburn tracking website reveals that Shiba Inu has a very active burn rate. With over 151 million token-burn in the last week alone, a rate that has increased by over 573% in the last one week.
This comes at a time the layer two network, Shibarium has moved into an automated burn process.
However, network activity at the layer-2 network has been reduced since the beginning of the year. It will need to get back to the levels last seen in December of this year if billions of the Shiba Inu tokens are to be burned this year as envisaged by Shibarium.
At the time of writing, as reflected in data from a crypto analyst, SHIB Price Hike was $0.00001372 in the last 24 hours.
