Shiba Inu (SHIB), the second-largest meme cryptocurrency, could be poised for a rebound as recent data shows increased whale activity.
Whale Activity
According to data from IntoTheBlock, there has been a significant rise in large transactions on the Shiba Inu network. Over the past 24 hours, the number of transactions valued at over $100,000 surged to 45 from a recent low of 34. More than 1.97 trillion SHIB were moved in a single day—the highest level of activity since early September.
Increased SHIB Token Burn
Additionally, Shiba Inu has experienced a rise in its burn rate. Data from Shibburn shows an 189% increase in burned tokens. On Tuesday alone, around 2,064,565 SHIB tokens were burned. However, this activity remains below the levels seen at the end of August, when the 'Living the Dream' project burned 500 million SHIB over two days.
SHIB Price Pressure
Despite these positive developments, Shiba Inu's price continues to struggle. SHIB is trading at $0.00001349 with a 2.13% increase in the last 24 hours and a 4.61% decline over the past 7 days. Over the past week, bearish sentiment has outweighed bullish sentiment, with 138 bearish addresses compared to 132 bullish ones.
Shiba Inu is seeing increased whale activity and token burns, despite ongoing price pressure.
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