Shiba Inu (SHIB) Shows Strong Network Activity: Massive Burns, Whale Movements, and Shibarium Growth

TLDR:

• Shiba Inu burn rate surged dramatically by 6,750%, removing 27.1 million coins from circulation
• Whale transactions jumped 240% to 3.42 trillion SHIB (approximately $61.5 million)
• Shibarium’s daily transactions increased by 1,300%, reaching 1.8 million
• Active accounts on Shibarium hit a one-year high of over 26,000
• SHIB’s RSI approaching oversold levels, suggesting potential buying opportunity

Recent data from multiple tracking platforms shows significant activity across the Shiba Inu network, with notable increases in token burns, whale transactions, and layer-2 solution usage.

According to Shibburn data as of October 23, 2024, the Shiba Inu burn rate experienced a dramatic 6,750% increase over 24 hours. This surge resulted in approximately 27.1 million coins being permanently removed from circulation, reducing the total supply to 589.26 trillion coins.

Weekly burn statistics indicate that approximately 58 million coins were removed from circulation during the past seven days. These burns represent permanent removals of tokens from the available supply, potentially affecting the token’s supply and demand dynamics.

Whale activity has shown equally impressive numbers. Data from IntoTheBlock reveals a 269% increase in large-scale transactions. The total volume of whale transactions jumped from 925.79 billion to 3.42 trillion SHIB in a single day, representing movements worth approximately $61.5 million at current prices.

This isn’t the first significant whale activity in October. Earlier in the month, large transaction volumes reached 4.15 trillion SHIB on October 9 and 3.78 trillion on October 11, indicating sustained interest from major holders.

Shibarium, the layer-2 blockchain solution for Shiba Inu, has reported its own set of impressive metrics. Daily transactions on the protocol reached nearly 1.8 million on October 22, marking a 1,300% daily increase.

The number of active accounts on Shibarium has reached a one-year high, exceeding 26,000 users. This surge in activity suggests increased adoption of the platform’s decentralized applications and services.

Current market data shows SHIB trading at $0.00001806, with an intraday range between $0.00001785 and $0.00001851. The token has experienced a 2.5% decline in the most recent trading session.

Derivatives markets show some cooling of interest, with Coinglass data indicating a 5.9% drop in futures open interest to $52.65 million. Trading volume in derivatives markets has also decreased by approximately 22% to $106.71 million.

Technical indicators suggest potential market movements ahead. The Relative Strength Index (RSI) for SHIB is currently approaching oversold levels, which traditionally signals a possible buying opportunity.

Despite recent price fluctuations, SHIB maintains a positive monthly performance with a 22% increase over the past 30 days. The token’s market capitalization currently sits below $11 billion.

The total circulating supply of SHIB tokens continues to decrease through the burning mechanism, with more than 27 million tokens sent to null addresses in the past 24 hours alone.

Looking at network adoption, Shibarium’s transaction count suggests growing usage of the layer-2 solution, reaching levels not seen since early 2024. Large holders continue to show active interest in the token, with whale transaction volumes maintaining significant levels throughout October 2024.

The increase in active accounts on Shibarium indicates broader adoption of the network’s infrastructure and services. Daily transaction counts on Shibarium have reached new highs, suggesting increased utility and user engagement with the platform.

Futures markets show some consolidation, with both open interest and trading volumes experiencing recent decreases. The combination of increased burning activity and whale movements has occurred alongside the growth in Shibarium’s network metrics.

Recent data shows sustained activity across multiple aspects of the Shiba Inu ecosystem, from token burns to network usage. Technical metrics and on-chain data present a mixed picture, with some indicators showing growth while others suggest consolidation.