Shiba Inu （SHIB） sees a 6% price increase amid a recovery mode, driven by significant growth in large transactions and burn rate metrics.
Points
- Shiba Inu （SHIB） price increased by over 6%.
- Large transactions volume soared by 1,876.26% in 24 hours.
- SHIB burn rate jumped by 446%, enhancing token scarcity.
Shiba Inu （SHIB） has entered a recovery mode, with its price increasing by more than 6% after experiencing intense volatility. Currently trading at $0.0000176, SHIB is on track to breach the $0.00002 resistance level.
The token’s recovery is driven by two key metrics that recently turned green. According to data from IntoTheBlock, the volume of large transactions （over $100,000） surged by 1,876.26% in 24 hours, totaling $884.26 million. This significant increase suggests a bullish push by investors, particularly whales who are accumulating the token.
Additionally, data from Shibburn shows that SHIB’s burn rate jumped by 446%, with 48,496,045 SHIB sent to dead wallets. Token burning is a manual process that reduces the circulating supply, signaling confidence from SHIB holders in boosting the token’s value.
HOURLY SHIB UPDATE $SHIB Price: $0.00001752 （1hr 1.07% ▲ | 24hr -1.03% ▼ ）
Market Cap: $10,343,047,048 （-0.85% ▼）
Total Supply: 589,272,370,281,215
TOKENS BURNT
Past 24Hrs: 48,496,045 （446.1% ▲）
Past 7 Days: 63,174,749 （-50.57% ▼） — Shibburn （@shibburn） July 19, 2024
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解説
- Investor Activity: The surge in large transactions indicates increased investor confidence in SHIB. Whale accumulation can drive significant price movements, as large holdings indicate a strong belief in the token’s future value.
- Token Burn: The increase in SHIB’s burn rate enhances token scarcity, which can positively impact its price. Burning tokens reduces the circulating supply, creating a deflationary effect that boosts investor confidence.
- Market Dynamics: SHIB’s recovery amid broader market volatility highlights its resilience. Investors should watch key resistance and support levels to gauge potential price movements and make informed trading decisions.