Shiba

Burn

Shiba Inu

Reversal

Rise

<a href="https://bitcoinist.com/shiba-inu-692-billion-shib/" rel="nofollow">Shiba Inu (SHIB)</a> could be on the brink of a price recovery following a bullish reversal in <a href="https://bitcoinist.com/shiba-inu-brink-of-crashing/" rel="nofollow">critical on-chain metrics</a>. This also includes the burn rate, with a recent development showing a sustained increase in the number of <a href="https://bitcoinist.com/shiba-inu-burn-rate-down-28/" rel="nofollow">SHIB tokens burned</a>.&nbsp; 
<h2 id="shiba-inu-demand-looks-to-be-on-the-rise">Shiba Inu Demand Looks To Be On The Rise</h2> 
There has been an increase in Shiba Inu whale activity these past few days. On-chain data <a href="https://etherscan.io/tx/0xaf888b44f7cd4016d913fc1a3efcb1f42d4cad138b36e4e9489f8fc0cfa94507" rel="nofollow">shows</a> the transfer of 1.7 trillion SHIB to a <a href="https://www.newsbtc.com/robinhood/robinhood-cash-surge-sees-4-billion-monthly-inflow-from-users/">Robinhood-linked wallet</a>. Transferring such an amount to a centralized exchange will usually raise fears about an incoming dump on the market, but that doesn’t look to be the case this time around.&nbsp; 
Instead, Robinhood looks to be accumulating as many SHIB tokens as possible to meet customers’ demand. This also seems to be the case with Binance, the largest crypto exchange by market share, which <a href="https://etherscan.io/tx/0x8fb0359ca8da703aca60bd079650681e8ba2cb2ef4c0c67b257909c80e89a1d2" rel="nofollow">recently transferred</a> over 464 billion SHIB from one of its wallets to another. 
These large transactions also come at a time when Bitcoinist <a href="https://bitcoinist.com/shiba-inu-692-billion-shib/" rel="nofollow">recently reported</a> a Shiba Inu whale that spent $19 million to purchase 692 billion SHIB. This whale in question also looks to be holding for the long term as they immediately transferred their SHIB holdings to a non-custodial wallet for safekeeping.&nbsp; 
The increase in whale activity presents a bullish outlook for the Shiba Inu ecosystem, which could aid the meme coin’s price recovery. SHIB had previously experienced a price dip thanks in part to multiple on-chain metrics, which turned red last week. One of those metrics included the number of large transactions on the network, which Bitcoinist <a href="https://bitcoinist.com/shiba-inu-brink-of-crashing/" rel="nofollow">reported</a> had declined by over 10%.&nbsp; 
<h2 id="shiba-inu-s-burn-rate-increases-by-over-1-200">Shiba Inu’s Burn Rate Increases By Over 1,200%</h2> 
<a href="https://x.com/shibburn/status/1777562127890272302" rel="nofollow">Data</a> from the <a href="https://www.shibburn.com/" rel="nofollow">burn tracking website Shibburn</a> shows that SHIB’s burn rate has surged by 1287% in the last 24 hours, with 135 million tokens burnt during this period. Furthermore, there has been a sustained increase in these <a href="https://bitcoinist.com/shiba-inu-burns-bright-shib/" rel="nofollow">SHIB burns</a>, with the burn rate rising by 129% in the last seven days.&nbsp; 
This is significant considering these token burns’ impact on <a href="https://bitcoinist.com/why-is-shiba-inu-price-down-today/" rel="nofollow">SHIB’s price</a>. The sustained increase in the SHIB burns is also undoubtedly a welcome development, considering the decline these past few weeks. Interestingly, the SHIB community has pulled this off while <a href="https://bitcoinist.com/shiba-inus-shibarium-hits-new-record-amid-chaotic-market-movements/" rel="nofollow">Shibarium’s daily transactions</a> continue to lag.&nbsp; 
However, activity on the layer-2 network is expected to pick up soon as the <a href="https://bitcoinist.com/shiba-inu-team-discloses-projects-true-strength/" rel="nofollow">Shiba Inu team</a> actively promotes it. Decentralized Exchange (DEX) WoofSwap also recently <a href="https://x.com/woofswap/status/1776924171659825247" rel="nofollow">announced</a> that they have introduced the SHIB -314 token protocol on Shibarium, which could also help drive up the number of transactions on the network.&nbsp; 
At the time of writing, SHIB is trading at around $0.00002884, up in the last 24 hours according to <a href="https://coinmarketcap.com/currencies/shiba-inu/" rel="nofollow">data</a> from CoinMarketCap.&nbsp; 
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/MFOGqaRj/" alt="Shiba Inu price chart from Tradingview.com" width="3286" height="1530">

Shiba Inu Sees Bullish Reversal In On-Chain Metrics, Can SHIB Price Recover?

Table of Contents

NewsBTC

Alte articole publicate pe 9 apr. 2024

New Ethena (ENA) Cryptocurrency Enters The Market & Makes Wave

200+ Artists, Led by Billie Eilish, Challenge AI’s Role in Music

Unisocks (SOCKS) Price Prediction 2025, 2026, 2027, 2028, 2029 and 2030

Ethereum Triumphs Over Bitcoin in Latest Rally, Boosted by Short Liquidations Surge

What Does the Election Mean for Crypto Investors in South Korea?

Ethereum Surges 8% as Alameda Transfers $14.75 Million in ETH to Coinbase

Join our free newsletter for daily crypto updates!