SHIB Whales Suddenly Began to Disappear, Here's What Happened

Cryptocurrency analyst and trader Ali Martinez has shared a chart provided by the on-chain data aggregator Santiment.

This chart clearly shows a massive decline in whale activity on the Shibarium network over the past 90 days.

$SHIB whales' activity declines

The Santiment chart shared by Martinez shows a tremendous decline in $SHIB whale transactions on the network since early December 2024. The chart registers $SHIB transfers of more than $1 million worth of $SHIB made by large wallets.

The decline in transaction activity has dropped along with the $SHIB price as it declined from $0.000033 to $0.000016. Ali commented that since Dec. 6, whale activity on the Shiba Inu network has seen a 79% decline.

$SHIB burns skyrocket 134%

According to a recent tweet published by the Shibburn tracker, in the past day the $SHIB community has succeeded in pushing the burn rate up, giving it significant momentum.

During the last 24 hours, the community has managed to dispose of 34,245,582 $SHIB, driving it out of the circulation supply. Thus, the burn rate jumped by 133.66%, the tweet shows.

The two largest burn transactions carried 20,423,263 and 13,046,414 Shiba Inu meme coins.

As for the weekly burn rate, it has also shown a major increase, going up by 120.3%. Over the past week, a total of 128,221,396 $SHIB has been locked in unspendable blockchain wallets, i.e., burned.

$SHIB market performance

Meanwhile, the second largest meme-themed cryptocurrency $SHIB has displayed an almost 3% increase since Friday. This way, it has attempted to recover after the 6.57% decline that took place on Thursday.

At the time of writing this, $SHIB is changing hands at $0.00001540.