On-chain activities point to increased traction towards SHIB, an indicator of a possible price rebound.
The second-largest memecoin, Shiba Inu, might be on the path to a notable rebound after on-chain activities showed increased whale activities. Data from IntoTheBlock shows a momentous increase in the number of large transactions on the network, signaling the reawakening of whales.
According to the data, the number of large transaction volumes involving SHIB reached 45 in the last day, bouncing from a 7-day low of 34 transactions. This signals a notable surge in transactions above $100,000 as institutional investors show renewed interest.
Remarkably, these transactions have led to the movement of over 1.97 trillion SHIB in the past 24 hours, the highest since the start of September. Whales seemed to take a break from the Shiba Inu ecosystem at the beginning of the month when just 696.5 billion SHIB were transacted on September 1.
The increased traction has seen the USD worth of large transactions in the Shiba Inu market reach $25.8 million in the past 24 hours. However, this is a decline from the $49.37 million seen on August 30.
SHIB Burn Spikes 40%
Increased whale presence was not the only positive in the Shiba Inu ecosystem. Data from community-driven burn tracker Shibburn shows increased SHIB burn activity, with a notable 40.5% spike. Per the data, about 2,064,565 SHIB was incinerated on Tuesday.
However, Tuesday’s burn falls below the famous August 31st burn sponsored by the Living the Dream (LTD) project. The team behind the Shiba Inu-tied token burned 500 million SHIB in two days.
Bearish Trend Persist
Despite the positive activities around Shiba Inu, its price has continued to show weakness. SHIB continued has continued its downward trend this morning, now down over 2.5% in the past 24 hours to trade at $0.00001322.
Also, the number of bears in the past seven days stands at 138, while that of bulls is at 132. For context, bulls are addresses that have bought more than 1% of the token’s 24-hour trading volume, and bears are those that have sold.
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Source: https://thecryptobasic.com/2024/09/04/1-97t-shiba-inu-in-24-hours-as-bears-still-dominating/?utm_source=rss&utm_medium=rss&utm_campaign=1-97t-shiba-inu-in-24-hours-as-bears-still-dominating