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Shiba Inu has witnessed a dramatic increase in its daily SHIB burn rate. According to Shibburn, the burn rate soared by 7,334.38%, with over 2.37 million SHIB transferred to dead wallets in the past 24 hours. This significant burn activity comes amid a broader market downtrend for SHIB.
Large Transactions and Network Growth
Data from IntoTheBlock highlights that the aggregated 7-day volume of Shiba Inu's large transactions—those holding $100,000 or more—has surged by 430%, reaching $32.5 million. This spike in large transactions, coupled with a 0.22% increase in net network growth, positions Shiba Inu as highly bullish despite recent price struggles. [embed]https://twitter.com/shibburn/status/1818164671922205112[/embed]
Exchange Net Flow Trends
CryptoQuant’s data reveals that Shiba Inu’s inflows have significantly surpassed outflows over the past 30 days, indicating a potential shift towards self-custody and away from centralized exchanges. This trend is seen as a positive development for the cryptocurrency.
Challenges and Recovery Signs
Previously, Shiba Inu faced a substantial downturn, with a more than 10% decline in July and key metrics crashing. Open interest dropped by 40% from $135 million to $80 million, and daily transactions on the Shibarium network fell by about 50%, leading to a decrease in SHIB's price. The burn rate also saw a steep decline of 98.79%, recording less than one million SHIB tokens burnt.
Potential for Price Recovery
Despite the recent uptick in key metrics, Shiba Inu’s price continues to trade sideways, experiencing a 5.22% drop over the past week and a 2.76% dip in the last 24 hours. CoinMarketCap reports a 16.07% decrease in the 24-hour trading volume, indicating a possible decrease in demand. However, Shiba Inu’s improved metrics could signal a potential recovery. Crypto exchange Changelly maintains a bullish outlook, predicting an increase to $0.0000263 from the current price of $0.000016 by August. With the recent positive developments, the community remains hopeful for a significant price recovery. Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.