In a recent twist of events for the Shiba Inu cryptocurrency, the large transaction volume has recorded a notable decrease. The popular meme coin, SHIB, saw a movement of 1.55 trillion SHIB in large transactions amounting to roughly $26.53 million in the past day. This represents a significant 58.37% decrease from the previous day’s large transaction volume which peaked at 6.43 trillion SHIB.
Despite this major drop in the volume of large transactions, the Shiba Inu burn rate has painted a contrasting picture, posting an increase of 59% over the past 24 hours. During this time, precisely 17,648,859 SHIB tokens were sent to a null address in seven separate transactions, rendering them permanently out of circulation as part of the token’s deflationary mechanism.
The decline in large transaction volume comes while SHIB’s total unique addresses have reached the 4.13 million mark, underscoring a sustained interest in the token among the investor community. This suggests that, regardless of the dip in large transactions, Shiba Inu continues to capture the attention of both seasoned and new holders.
Market dynamics hint that investors could be in a phase of consolidation with larger market players, or ‘whales’, refraining from making major moves at this time. Sitting on the sidelines, these whales may be cautiously eyeing the market, waiting for an opportune moment to act, which could foreshadow a significant forthcoming price movement.
Currently, the SHIB price is hovering around $0.00001746, marking a modest 0.37% uptick in the last 24 hours. Notable resistance and support levels are pegged at $0.0000182 and $0.000017, respectively. Analyst Tomiwabold Olajide posits that for buyers to drive a meaningful rally, the SHIB price would need to breach the $0.000020 mark and aim for a new target at $0.000023.
In summary, the past day has seen SHIB grappling with a sizeable decrease in transaction volume in contrast to an increased burn rate. Nevertheless, the steady climb in the count of SHIB holders reflects ongoing community trust. Amidst these developments, investors and market spectators are keeping a close watch for potential volatility that could set the stage for the next price surge or consolidation for Shiba Inu.
