Shiba Inu has witnessed a dramatic increase in its daily SHIB burn rate. According to Shibburn, the burn rate soared by 7,334.38%, with over 2.37 million SHIB transferred to dead wallets in the past 24 hours. This significant burn activity comes amid a broader market downtrend for SHIB.
Large Transactions and Network Growth
Data from IntoTheBlock highlights that the aggregated 7-day volume of Shiba Inu’s large transactions—those holding $100,000 or more—has surged by 430%, reaching $32.5 million. This spike in large transactions, coupled with a 0.22% increase in net network growth, positions Shiba Inu as highly bullish despite recent price struggles.
Exchange Net Flow Trends
CryptoQuant’s data reveals that Shiba Inu’s inflows have significantly surpassed outflows over the past 30 days, indicating a potential shift towards self-custody and away from centralized exchanges. This trend is seen as a positive development for the cryptocurrency.
Challenges and Recovery Signs
Previously, Shiba Inu faced a substantial downturn, with a more than 10% decline in July and key metrics crashing. Open interest dropped by 40% from $135 million to $80 million, and daily transactions on the Shibarium network fell by about 50%, leading to a decrease in SHIB’s price. The burn rate also saw a steep decline of 98.79%, recording less than one million SHIB tokens burnt.
Potential for Price Recovery
Despite the recent uptick in key metrics, Shiba Inu’s price continues to trade sideways, experiencing a 5.22% drop over the past week and a 2.76% dip in the last 24 hours. CoinMarketCap reports a 16.07% decrease in the 24-hour trading volume, indicating a possible decrease in demand. However, Shiba Inu’s improved metrics could signal a potential recovery. Crypto exchange Changelly maintains a bullish outlook, predicting an increase to $0.0000263 from the current price of $0.000016 by August. With the recent positive developments, the community remains hopeful for a significant price recovery. Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.