Whale activity in Shiba Inu (SHIB), the world’s second-largest meme coin, has surged significantly amid ongoing market uncertainty. Today, the on-chain analytics platform Santiment shared a report that is now drawing widespread attention from crypto enthusiasts.
In the post, Santiment noted that Shiba Inu recorded 406 whale transactions and each of it worth more than $100,000, the highest level seen recently. The post further highlighted that more than 1.06 trillion SHIB has moved into exchanges over the past 24 hours.
Whales are either individuals, institutions, or an entity that holds or owns a massive portion of any digital assets, whether it’s Shiba Inu (SHIB), Bitcoin (BTC), or Ethereum (ETH). These whales have a strong influence on the crypto market, and their transactions often act as a signal and suggest an upcoming trend. In crypto, smart traders and investors often follow the footsteps of these whales as their activity suggests an upcoming move in the market.
Whereas the spike in whale transactions and flow of trillion SHIB into exchanges suggests strong bearish signals and indicates the potential for heightened volatility in the coming days. The inflow of any assets from wallets to exchanges often highlights investors’ potential preparation for a sell-off.
Shiba Inu (SHIB) Burn Rate Soars by 1,244%
Besides heavy whale participations and trillions of SHIB inflows into exchanges, the Shiba Inu (SHIB) price remains sideways and appears to be following the broader market trend.
As of press time, the meme coin is trading at $0.00000852, down 0.75%. Meanwhile, market participation has increased during the same period, reflected in the trading volume, which has risen 19% to $113.5 million.
Besides the bearish pressure by whales, the analytics platform CryptoQuant shares a different story. According to Spot Taker Cumulative Volume Delta (CVD) for Shiba Inu over the past 90 days, which measures the difference between buying and selling pressure in real time, highlights strong buyer dominance and points out that spot participants continue to add buying pressure on the meme coin.
Adding to this momentum, SHIB’s burn rate has surged by more than 1,244% in the past 24 hours, introducing a fresh wave of supply reduction into the market.
Also Read: Zcash Price: ZEC Jumps 18% This Week on Crossing Key Resistance; Focus on $414!
