The shiba inu whales love it [SHIB] But the pressing question prevails

  • The Shiba Inu has become one of the most bought tokens over the past 24 hours, with whales buying the token in droves.
  • However, daily network activity and addresses noticed a decrease.

According to data shared by WhaleStats, shiba inu [SHIB] It benefited from the big headlines as it became one of the most Purchased among the top 100 tokens Ethereum [ETH] whales in the last 24 hours. 341296,045 SHIB coins worth $3,002 were mined by whales during the above period.

How many SHIBs can you get for $1?

However, the whalers’ interest in the meme coin’s price movement was not supported. At the time of writing, SHIB stock is down 1.41% from the previous day, data Shown by CoinMarketCap.

The decline marks the end of a brief rally that has been observed since early 2023, during which time the currency posted gains of around 11%. The market cap is down 1.31% as of press time.

The burn is real

Sheburn, which tracks Shiba Inu cremation activity, has shown that the cremation rate is significantly reduced. 13 million tokens were burned in the last 24 hours compared to about 37 million that were logged the day before. In fact, the increase in burning activity has been explained as a reason for the price increase that we have seen before.

Source: Shepburn

The burn rate has accelerated, generating buzz around Shibarium’s soon-to-launch blockchain solution, Layer 2. On January 7, developers of Shiba Inu more dangerous On Twitter that every transaction on the Shibarium network will result in the burning of SHIB tokens.

Coin burning has caught the eye of cryptocurrency enthusiasts as most platforms want to remove coins from circulation to increase their value. Thus it became clear why Sheep’s owners found the story appealing.

However, the increase in burn rate was also accompanied by extraordinary activity. She was notice That one wallet burned 14 million chip, which is quite unusual.

Shiba Inu network activity decreased

This growth in new addresses isn’t encouraging as it’s down 80% since it peaked on Jan. 7, according to Santiment data. Daily active addresses matched this trajectory and posted a sharp decline. The sudden drop in network activity also contributed to the drop in prices.

Source: feeling

In addition, social activity decreased, which was reflected in a decrease in the meme coin’s social dominance index. However, he is starting to recover at the time of publication, which was a good sign.

Are your holdings blinking green? Check out the SHIB Earnings Calculator

Overall, SHIB has noticed a positive trend due to interest from whales and the announcement of new blockchain and metaverse projects. with more cooperation in the tubeTheir perceived usefulness is expected to increase and owners will tend to ignore short-term drawbacks.

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