could be on the brink of a price recovery following a bullish reversal in . This also includes the burn rate, with a recent development showing a sustained increase in the number of .
Shiba Inu Demand Looks To Be On The Rise
There has been an increase in Shiba Inu whale activity these past few days. On-chain data the transfer of 1.7 trillion SHIB to a Robinhood-linked wallet. Transferring such an amount to a centralized exchange will usually raise fears about an incoming dump on the market, but that doesn’t look to be the case this time around.
Instead, Robinhood looks to be accumulating as many SHIB tokens as possible to meet customers’ demand. This also seems to be the case with Binance, the largest crypto exchange by market share, which over 464 billion SHIB from one of its wallets to another.
These large transactions also come at a time when Bitcoinist a Shiba Inu whale that spent $19 million to purchase 692 billion SHIB. This whale in question also looks to be holding for the long term as they immediately transferred their SHIB holdings to a non-custodial wallet for safekeeping.
The increase in whale activity presents a bullish outlook for the Shiba Inu ecosystem, which could aid the meme coin’s price recovery. SHIB had previously experienced a price dip thanks in part to multiple on-chain metrics, which turned red last week. One of those metrics included the number of large transactions on the network, which Bitcoinist had declined by over 10%.
Shiba Inu’s Burn Rate Increases By Over 1,200%
from the shows that SHIB’s burn rate has surged by 1287% in the last 24 hours, with 135 million tokens burnt during this period. Furthermore, there has been a sustained increase in these , with the burn rate rising by 129% in the last seven days.
This is significant considering these token burns’ impact on . The sustained increase in the SHIB burns is also undoubtedly a welcome development, considering the decline these past few weeks. Interestingly, the SHIB community has pulled this off while continue to lag.
However, activity on the layer-2 network is expected to pick up soon as the actively promotes it. Decentralized Exchange (DEX) WoofSwap also recently that they have introduced the SHIB -314 token protocol on Shibarium, which could also help drive up the number of transactions on the network.
At the time of writing, SHIB is trading at around $0.00002884, up in the last 24 hours according to from CoinMarketCap.
SHIB price holding $0.000028 | Source: