Amidst the volatile landscape of cryptocurrency, an encouraging uptick of activity bodes well for the future of Shiba Inu, or SHIB, as it teeters on the edge of a price recovery. Contributing to this potential salvaging are optimistic shifts in a swath of crucial on-chain metrics – notably, the burn rate. A recent tide of events indicates a steady climb in the quantity of SHIB tokens banished from the market, often referred to as burning.
The demand surge for Shiba Inu becomes more evident in recent crypto whale dealings. A flurry of activity revealed the transference of a staggering 1.7 trillion SHIB into a Robinhood-affiliated wallet, a happening usually signaling the ominous threat of an impending market dump. But as it appears, this is not the fate that awaits this time around.
Rather than let the spark of panic spread, Robinhood seems intent on accumulating as much SHIB as possible, moving to satiate unwavering customer demand. A similar trend is detectable with Binance – the crypto market’s reigning heavyweight – evidenced by its freshly completed shuffle of 464 billion SHIB from one of its wallets to another.
The timing of these enormous transactions is intriguing to say the least. They follow on the heels of an interesting transaction involving a Shiba Inu whale who shelled out $19 million for 692 billion SHIB. A non-custodial wallet immediately received these SHIB holdings, suggesting that the whale could be in for the long haul.
An uptick in such activity typically suggests a buoyant future for the Shiba Inu ecosystem – a ray of hope for this meme coin’s price recovery, following a spike in red metrics, that precipitated a sharp decline in price. High among these metrics was a sizeable drop – a precipitous 10% plunge – in the volume of big-ticket transactions that coursed through the network.
In response to this downturn, data emerging from the burn tracking website, Shibburn, reveals a massive 1287% surge in SHIB’s burn rate within a span of 24 hours. This led to the elimination of 135 million tokens and doesn’t seem to be a mere blip on the radar. Over the course of the past week, the numbers reveal a 129% rise in the frequency of these burns.
This constant rise in SHIB burns is indeed noteworthy, given the effect of these burn-offs on the coin’s price – an encouraging twist, particularly in light of the decline these burns have faced in the preceding weeks. In spite of the slowed transactions on Shibarium – the SHIB community’s effort is paying off.
To counter this lag in transactions, the Shiba Inu team is voicing its support and vigorously promoting the layer-2 network. In a bid to boost the volume of transactions on the network, decentralized exchange platform WoofSwap announced the implementation of the SHIB-314 token protocol on Shibarium.
As the dust settles, SHIB is currently trading at a modest $0.00002884, marking a rise in the past 24 hours, according to data from CoinMarketCap. Notwithstanding, the crypto market is as exciting as it is precarious. While this analysis carries hope, it is prudent for investors to proceed with caution and thoroughly research any investment decisions.
