The Shiba Inu has become very popular in the cryptocurrency market lately. Called the meme coin, the Shiba Inu takes its name from the Japanese dog breed. The increase in interest in the Shiba Inu recently has also attracted the attention of large investors. Data from onchain analytics firms like IntoTheBlock shows that large transactions on the Shiba Inu network are increasing, which could be an indication that whales are back on the move. It is also stated that there is an increase in the percentage of long-term owners of Shiba Inu. Here are the details.
According to IntoTheBlock data, large transactions on the SHIB network have increased by 479% in the last 24 hours. This development may be an indication that the whales are on the move again.
According to onchain analytics firm IntoTheBlock, over the past 24 hours, large transactions on the Shiba Inu network have reached $36.45 million, an increase of 228.64%. Large transactions refer to purchases or sales of over $100,000. This spike may indicate that whales or institutional investors are buying or selling large volumes.
A move in meme coin price usually comes with an increase in this metric. Shiba Inu, which experienced a 9.83% decline in March, seems to have made a positive start to April.
At press time, the Shiba Inu is up 2.08% in the last 24 hours. 0.0000108 traded at the dollar level. According to CoinMarketCap data, in the last 24 hours 191,834,290 SHIB traded. Shiba Inu’s 24-hour trading volume has also increased by approximately 22% as of press time.
Meme Coin Mart Burns
As it is known, coin burning is the process of deliberately reducing the circulating supply of a cryptocurrency. Burning involves destroying a certain amount of cryptocurrencies collected over a certain period of time. Koinfinans.com As we reported, this transaction can reduce the supply of a particular cryptocurrency, increasing or keeping its price stable depending on other market factors. Shiba Inu is one of the first projects that come to mind when it comes to burning coins.
According to current data, 6,782,788,547 SHIB tokens were burned with 540 transactions in March.
🔥🔥🔥 6,782,788.547 $SHIB tokens have been burned in the month of March with 540 transactions. #shib
— Shibburn (@shibburn) April 1, 2023
Moreover, last month SHIB’s long-term holders rose to the highest level since the start of the project. IntoTheBlock data puts the percentage of these long-term holders (those who have held the coin for more than a year), meaning “hodlers,” at 67%.
You can follow the current price action here.