Gushiken Yona
Shiba Inu defies market trends with a triple-digit uptrend in the volume of large transactions and amid the massive token burning initiatives within the ecosystem.
Shiba Inu (SHIB), the world’s second-largest dog-themed altcoin by market capitalization, has seen interesting developments this week. Recent data from on-chain analytics firm IntoTheBlock revealed a notable 181% jump in large transactions for SHIB, highlighting heightened interest in the meme coin.
This suggests that there is heightened interest in SHIB, with more substantial transactions taking place. This surge in activity correlated with a 65% increase in daily active addresses within a 24-hour period, indicating growing engagement with the Shiba Inu network.
This means more people are engaging with the Shiba Inu network, either by holding, transferring, or trading SHIB. These metrics indicate increased activity and interest in the Shiba Inu cryptocurrency, suggesting that more users are participating in the network and larger transactions are becoming more common.
In a landmark event, a staggering 300,404,261 SHIB tokens were burned within the past 24 hours, marking an astonishing 16,854.89% increase in the burn rate. This record-breaking burn follows an already impressive month of June, where over 918 million SHIB tokens were burned across 237 transactions. The past week alone saw 366,934,224 SHIB removed from circulation, a substantial 325.73% increase.
The combined effects of increased large transactions, rising daily active addresses, and the aggressive burning of SHIB tokens may have played a significant role in propelling the Shiba Inu’s price upwards, attracting attention from both experienced and novice crypto investors.
As of 2:27 a.m. ET on Tuesday, Shiba Inu (SHIB) was trading at $0.00001715, experiencing a slight 1% dip for the day. This followed a minor 0.69% decrease over the past week and a more substantial 31.30% decline over the last 30 days.
Despite these fluctuations, SHIB’s market capitalization remains robust at $10,102,503,334, according to CoinMarketCap data. This market cap reflects the immense popularity and substantial circulating supply of 589,270,913,703,673 SHIB tokens. The 24-hour trading volume of $175,319,927 further indicates that SHIB continues to be a highly active and sought-after asset in the crypto market.
Disclaimer:
Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice.
The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
