Recent data from IntoTheBlock indicates a 987% surge in whale activity within the Shiba Inu (SHIB) community. The surge reflects a large transaction volume, a metric that tallies the combined value of transfers exceeding $100,000.
In the last 24 hours alone, this figure amounted to about $71 million.
Market Sentiment And Investment Trends
A substantial portion of this surge can be attributed to a significant transfer of 4.55 trillion SHIB tokens on October 20. On October 19, on-chain data revealed that there was a transaction volume of 2.55 trillion SHIB, which spiked to 11.48 trillion SHIB on October 20.
This metric, representing the total volume of on-chain transactions, can serve as an indicator of potential reversals or breakouts. The surge in transaction volumes could imply a mixture of panic selling by some holders and significant investments by major players, reflecting an atmosphere of uncertainty in the market.
Over the week, the cryptocurrency had seen a modest 0.8% increase, demonstrating efforts by bullish investors to maintain their gains after a two-day upswing.
Kusama’s Actions Leave SHIB Community Curious
Shytoshi Kusama (the Shiba Inu development team lead) has once again left the SHIB community in curiosity. He recently updated his location on the popular X app, indicating that he is currently in China.
Community members are wondering what Kusama might be up to in China or if he’s having a bit of fun with the SHIB army by changing his location on the app. However, it is worth noting that this isn’t the first time Kusama has switched up his location status.
Earlier this year, the SHIB community noticed him doing the same from Niseko, Japan, in late May. At that time, he was on vacation, taking some time to relax before diving back into working on the Shibarium project.
Meanwhile, four transactions involving 20 trillion SHIB tokens (valued at $124 million) flooded the market this week, according to data from famous crypto tracker Whale Alert. What’s notable is that these transfers occurred between anonymous wallets.
Currently, a substantial portion of the SHIB supply, about 623 trillion SHIB, is held in 12 whale addresses, including those associated with crypto exchanges. This accounts for 63.48% of the circulating SHIB supply.
SHIB Burn Rate Implications
Meanwhile, the burn rate of Shiba Inu tokens has experienced a decline for the second consecutive day. Thus, almost 18 million SHIB tokens are now in cold wallets, effectively removed from circulation.
Thus far, thirteen burn transactions are on record, with the most substantial one being the sending of 6,634,200 SHIB tokens to a dormant wallet address. Meanwhile, the SHIB token currently trades at $0.00000708, indicating a 2.3% rise in the last 24 hours, per data from Coingecko.
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