Shiba Inu Burns Rocket 436% As Whale Volumes Explode, Will SHIB Price Cross $0.00002?

The Shiba Inu price has been on a rampage alongside many other cryptocurrencies. Over the past 24 hours, Shiba Inu has increased by about 4.4% amidst significant investor interest. Recent on-chain data points toward the likelihood that this rally could also be removed from over, as key indicators signal sustained enthusiasm for SHIB.

Notably, the SHIB burn rate recently skyrocketed 436% as large-scale holders, or whales, pushed up trading volumes with growing interest within the token amid broader market momentum.

Shiba Inu Burn Rate Surges 436%, Whale Activity Pushes SHIB’s Trading Volumes Higher

In accordance with data from Shibburn, Shiba Inu’s token burn rate surged by 436% over the past 24 hours, leading to the everlasting removal of a whole lot of hundreds of thousands of SHIB tokens from circulation. Data shows that 52.3 million SHIB tokens were burned up to now 24 hours.

This significant spike within the SHIB tokens burned in a 24-hour timeframe is definitely reflective of the bullish sentiment within the cryptocurrency and is some of the bullish signals.

Source: Shibburn

Whale investors are investors who control vast amounts of SHIB (typically a whole lot of hundreds of thousands to billions of tokens) and play a big role in influencing price motion, given the massive volume of their trades.

Data from blockchain analytics firm IntoTheBlock (ITB) indicates that the quantity of SHIB transactions exceeding $100,000 has reached $294.64 million up to now seven days, which is the most important weekly transaction volumes seen this quarter for SHIB. Moreover, ITB’s data shows that the quantity of enormous transactions is currently at its highest level since early October, with 4.81 trillion SHIB moved up to now 24 hours. This equates to about $91.91 million.

This rapid escalation is emphasized by the whale transaction volume, which jumped from 895.12 billion SHIB on October 27 to 4.81 trillion SHIB, a rise of around 437% inside just 48 hours.

SHIB To Cross $0.00002 Again?

On the time of writing, SHIB is trading at $0.00001886. The meme cryptocurrency is simply a number of movements as much as cross over the $0.00002 price level again. Interestingly, the Shiba Inu price had already retested this level, having reached an intraday high of $0.00001967 up to now 24 hours.

Given the present trend, it seems more a matter of when relatively than if SHIB can reclaim the $0.00002 price level. This level could be a key milestone for Shiba Inu, though merely step one toward restoring broader profitability for a lot of its holders, as SHIB still sits roughly 80% below its 2024 peak of $0.00003629.

A higher aim on the long-term could be to retest this $0.00003629 level, although there are multiple resistance levels to beat on the way in which. Continued bullish momentum, supported by a sustained burn rate, could help bolster SHIB’s upward trajectory and increase the likelihood of reaching a latest high before the top of 2024.