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Data from the analytic platform IntoTheBlock reveals that Shiba Inu’s adoption rate rose 36% from July 18, while whale SHIB transactions surged 150%.
Shiba Inu (SHIB) has recently experienced notable shifts in adoption rates and transaction volumes despite price volatility and a weekly pullback.
According to data from IntoTheBlock, the new adoption rate for Shiba Inu saw considerable volatility between July 18 and July 25. On July 18, the rate stood at approximately 33%, but it surged to 36.16% by July 25.
Meanwhile, the adoption rate fluctuated during the period, notably declining around July 20 before stabilizing towards the end.
The 30-day average new adoption rate is recorded at 33.56%, with a peak of 40.12% on June 28 and a trough of 17.40% on June 30. This data also suggests that while there is a rising trend in new adoption, it does not immediately impact SHIB’s price.
The lack of a strong correlation between short-term adoption rate changes and price suggests that long-term adoption trends and activity might be more influential on price movements.
Significant Rise in Large Transactions
In tandem with the adoption rate, transaction sizes have shown a notable increase. Notably, according to a separate analysis by IntoTheBlock, Shiba Inu transactions in the range of $1 million to $10 million have surged by 150% over the past 30 days.
Other categories also experienced changes, such as meager valued transactions of belo2 $10, increasing by at least 26%
Conversely, transactions in the $100k to $1 million range declined 47.37%. Ultimately, the marked increase in large transactions may positively indicate confidence among larger investors.
What’s Behind Shiba Inu Positive Feat?
It is important to note that events surrounding the SHIB token often attract attention, increasing curiosity and engagement from potential new users.
For instance, on July 18, during a tumultuous period when an Indian exchange was hacked and resulted in the theft of over 5 trillion SHIB tokens, SHIB’s burn surged. Specifically, at the time, the burn rate improved by 4,822%, with 44,302,985 tokens being burned within 24 hours.
Additionally, the Shiba Inu team has been teasing developments week after week. The latest development is Shiba Eternity, a well-known digital card game poised for a major evolution with its Web3 integration.