The analysis reveals a significant decline in large investors, or 'whales', on the Shiba Inu network over the past 90 days. Let's explore the impact on SHIB cryptocurrency and its market trend.
SHIB Whales' Activity Declines
Cryptocurrency analyst Ali Martinez shared a chart showing a sharp decrease in transactions by large Shiba Inu wallets since December 2024. Transactions over $1 million have fallen as SHIB's price dropped from $0.000033 to $0.000016. Ali noted a 79% decline in whale activity since December 6.
SHIB Burn Rate Skyrockets
According to a recent tweet from the Shibburn tracker, the Shiba Inu community significantly accelerated the burn rate in the past day, burning 34,245,582 SHIB. This led to a 133.66% increase in the burn rate. The two largest burn transactions totaled 20,423,263 and 13,046,414 tokens. Over the past week, 128,221,396 SHIB tokens were burned, marking a 120.3% rise.
SHIB Market Performance
Currently, SHIB, the second-largest meme cryptocurrency, has seen an almost 3% increase since Friday. This was an attempt to recover from a 6.57% decline on Thursday. At the time of writing, SHIB was trading at $0.00001540.
The decline in whale activity and the increase in the burn rate are having significant impacts on the Shiba Inu market. While burning reduces token supply, the decline in whale activity may indicate shifting interests among major investors. It will be interesting to see how this influences SHIB's long-term prospects.
