Shiba Inu (SHIB) witnesses a decline in whale activity as the whale transaction count drops drastically amid consolidation above the $0.000008 mark.
The recent decline persists despite a slight uptick in the 24-hour burn rate.
Per data provided by the market intelligence platform Santiment, whale transactions involving Shiba Inu tokens worth at least $100,000 have been low over the past four weeks. Although these transactions have not recorded substantial drops within this timeframe, they remain at the lower spectrum, with a current 24-hour count of 12.
In addition, SHIB whale transactions valued at $1 million or more have observed a similar unfavorable trend with a more discouraging pattern. Notably, these transactions worth at least $1 million have declined since the market witnessed noticeable spikes in mid-July.
It’s important to note that these spikes were more predominant at the start of the year, particularly in February and March. They indicated a sustained interest in SHIB among whales as the asset hit the yearly peak of $0.00001575 on February 2.
This interest spilled into March, as market participants expected a recovery of the yearly high, with SHIB holding above the $0.000011 zone. However, as the asset consolidated, the whale transactions started recording declines.
Moreover, the spikes recently witnessed in mid-July occurred as SHIB reclaimed $0.000008 for the first time in nearly a month. However, they were short-lived, as whale interest quickly waned amid the subsequent consolidation. As a result, these whale transactions have dropped to 3 on the daily timeframe.
Shiba Inu sees slight uptick in burn rate
Despite the overall drop in whale transactions, Shiba Inu has held firm above $0.000008. In addition, the Shiba Inu ecosystem is observing a slight burn rate increase. Per data from Shibburn, a community-driven SHIB burn tracker, the burn rate currently stands at 52.6 million daily tokens.
This figure represents a 40.96% increase from the rate witnessed yesterday. Moreover, the community has also incinerated over 385.6 million SHIB tokens over the past week. However, the weekly burn rate has dropped by over 49%.
Meanwhile, Shiba Inu is changing hands at $0.00000817 at the reporting time, down 1.33% over the past 24 hours. The recent run has propelled the asset above the 50-day EMA ($0.00000796), suggesting bullish momentum in the short term. However, SHIB remains below the 200-day EMA ($0.00000927).