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

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.

Shiba Inu (CRYPTO: SHIB) price is on the rise along with many other cryptocurrencies. In the last 24 hours, Shiba Inu has increased by approximately 4.4% despite intense interest from investors. The latest on-chain data shows that this rally is far from over. Because some important indicators point to a continued enthusiasm for SHIB.

Specifically, the SHIB burn rate has skyrocketed recently on C6. Because large-scale holders (whales) pushed trading volumes up with increased interest in the token within the broader market momentum.

Shiba Inu Burn Rate Increased by C6, Whale Activity Increased SHIB's Transaction Volumes

According to Shibburn data, Shiba Inu's token burn rate increased by C6 in the last 24 hours, leading to hundreds of millions of SHIB tokens being permanently removed from circulation. Data shows that 52.3 million SHIB tokens were burned in the last 24 hours.

This significant increase in SHIB tokens burned in the 24-hour period actually reflects the bullish trend in the cryptocurrency and is one of the most bullish signals.

Whale traders are investors who hold large amounts of SHIB (usually hundreds of millions to billions of tokens) and play a significant role in influencing price movements, given their high trading volumes.

Data from on-chain analytics company IntoTheBlock (ITB) shows that the volume of SHIB transactions exceeding $100,000 in the last seven days reached $294.64 million, marking the largest weekly transaction volumes seen for SHIB this quarter. Additionally, ITB data shows that the amount of large transactions is currently at the highest level since early October, as 4.81 trillion SHIBs were moved in the last 24 hours. This corresponds to approximately $91.91 million.

This rapid rise is highlighted by whale trading volume, jumping from 895.12 billion SHIB on October 27 to 4.81 trillion SHIB in 48 hours; This indicates an increase of approximately C7.

Will SHIB Exceed $0.00002 Again?

At the time of writing, SHIB is trading at $0.00001886. The Meme cryptocurrency is just a few moves up to surpass the $0.00002 price level again. Interestingly, Shiba Inu price has already retested this level and reached a daily high of $0.00001967 in the last 24 hours.

Given the current trend, whether SHIB can regain the $0.00002 price level seems to be a matter of time rather than statement. While this level will be a significant milestone for the Shiba Inu, it will only be the first step towards greater profits in the hands of many owners, as the SHIB is still approximately � below its 2024 peak of $0.00003629.

A better long-term goal would be to retest this $0.00003629 level, but there are multiple resistance levels to overcome along the way. An uptrend supported by a sustained burn rate could help strengthen SHIB's upward trajectory and increase the likelihood of reaching a new peak before 2024.

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