Shiba Inu (SHIB) Records 240% Surge In Large Transactions, Looks To Reclaim $0.00002

Shiba Inu (SHIB) is again catching the attention of crypto whales as on-chain data shows a 240% spike in this crucial metric.

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Crypto whales are again showing interest in Shiba Inu (CRYPTO: SHIB) as on-chain data reveals a 240% spike in a crucial metric.

This could signal a massive price rally for the second-largest meme coin by market capitalization.

Shiba Inu's large transaction volume surged by 240%, rising to 781.4 billion SHIB on August 11, compared to 326.98 billion SHIB the previous day, according to data from IntoTheBlock.

This surge in large transaction volume continued on August 12, increasing by over 93% to 1.51 trillion SHIB being traded on that day.

The surge in large transaction volume suggests that crypto whales are actively accumulating Shiba Inu as the meme coin attempts to establish the $0.00002 price level as support.

According to IntoTheBlock, these whales sold a significant portion of their holdings last week as a result of the price crash in the crypto market.

However, as the market recovers, it is expected that these whales will want to increase their positions, especially considering the potential heights that Shiba Inu could still reach in this bull run.

These whales could also contribute to a massive price rally for Shiba Inu, considering the impact they are known to have on the market.

It is also important to note that SHIB's strong positive price correlation with Bitcoin (CRYPTO: BTC) is increasing again, currently at 0.79.

This bodes well for the meme coin, as its price could increase significantly as the flagship crypto reaches new highs.

However, members of the Shiba Inu community may still be concerned as other on-chain metrics paint a bearish picture for the meme coin.

The net network growth has stalled, indicating a lack of new investors entering the Shiba Inu ecosystem.

Additionally, over 52% of holders are still out of the money, which could hinder any price recovery for the meme coin.

Investors who purchased Shiba Inu at a loss may sell their tokens once they reach breakeven, putting selling pressure on the meme coin.

SHIB's Burn Rate Spikes by 573%

According to data from the burn tracking website Shibburn, Shiba Inu's burn rate has increased by over 573% in the last seven days, with over 151 million Shiba Inu tokens being burned during this period.

This comes amid the layer two network Shibarium's transition to an automated burn mechanism.

With this transition, 70% of the base transaction fees earned on the network will be automatically converted to SHIB and burned.

This is undoubtedly massive for SHIB's price, considering how it could surge as more tokens are removed from circulation.

Shibarium was responsible for burning nearly half of the 76 billion SHIB tokens burned in 2023.

However, network activity on the layer-2 network has declined since the beginning of the year.

To burn billions of Shiba Inu tokens in 2023, thanks to Shibarium, it will need to reach the highs recorded in December 2023.

At the time of writing, Shiba Inu is trading at around $0.00001372, up in the last 24 hours, according to data from CoinMarketCap.

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