Shiba Inu is starts to turn around some of them price drops in December how the cryptocurrency industry reacts after Bitcoin recent break above Psychological level $100,000. Shiba Inu activity has increased significantly over the past few days. According to Coinmarketcap data, Shiba Inu trading volume has increased by approximately 21.2% in the last 24 hours.
Shiba Inu also saw a significant escalate in vast transaction volume, increasing by 40% in the last 24 hours. In contrast to the escalate in transaction volume, the Shiba Inu burn rate dropped sharply, reaching 71.5% over the same period.
The number of vast Shiba Inu transactions increases by 40% due to market activity
The escalate in vast SHIB transactions is highlighted by on-chain data from IntoTheBlock, a blockchain analytics company. This is particularly highlighted by IntoTheBlock’s vast transaction volume and the USD metric it tracks volume and value of transfers exceeding $100,000 on the blockchain network. Therefore, this is an vital indicator to look at the current sentiment among cryptocurrency whales.
By IntoTheBlockthe volume of vast SHIB transactions reached SHIB 1.49 trillion in the last 24 hours. While this is a diminutive number compared to some 24-hour time frames in the past, it represents a noticeable departure from the trend of reduced whale activity since January 3. This also represents a 37% escalate in volume compared to the previous 24-hour time frame of 1.09 trillion SHIB.
In value terms, vast SHIB transactions in the last 24 hours totaled $35.7 million, an escalate of approximately 38% from the previous 24-hour total of $26 million. These types of increases indicate an escalate in the Shiba Inu price and may be the first step in money flowing into Shiba Inu for the rest of the week.
SHIB burn rate drops by 71.5%: can SHIB maintain momentum?
Despite the overall escalate in SHIB trading volume, the SHIB burn rate has seen a significant decline over the past 24 hours. Combustion mechanism, i.e aimed at limiting circulating supply SHIB tokens to escalate scarcity, also has significance as activity indicator, e.g high transaction volume indicator.
According to the SHIB burn tracker Shibburn.com, the total number of SHIB tokens burned in the last 24 hours reached 8,738,201 SHIB tokens, a marked decrease from the over 31 million SHIB tokens burned in the previous 24 hours. This noticeable decline could indicate a slowdown among SHIB holders, which could have a negative impact on its price in the tiny term. However, it would be prudent to see how the SHIB firing trend develops over the next 24 hours, as current trading volume suggests a rapid rebound in SHIB firing activity.

At the time of writing, the Shiba Inu price is $0.00002399. In the last seven days, the price of memes has increased by 16%.
Featured image created with Dall.E, chart from Tradingview.com