- Shiba Inu whale activity has decreased by 79% since December 2024, impacting SHIB’s price.
- Over the past week, SHIB burns surged by 120.3%, locking 128M tokens permanently away.
- SHIB’s burn rate spiked by 133.66% in 24 hours, removing 34 million tokens from circulation.
Over the past three months, Shiba Inu (SHIB) whales have massively decreased in the Shibarium network. On-chain analytics platform Santiment has created a chart showing whale moves have declined since December 2024. The data showed a significant decrease in transactions involving over $1 million worth of SHIB tokens.
Whale Activity and SHIB Price
In an X post on Saturday, analyst Ali observed that the Shiba Inu whale activity has declined by 79% since December 6, following the decline in SHIB’s price. In the last 90 days, the price of SHIB has fallen from $0.000033 to $0.000016 due to the reduced participation of these large wallets in the Shiba Inu network. This significant decline in the use of whales will question the ability of the Shiba Inu network to sustain the current price movements.
As whale activity decreases, the Shiba Inu community has made efforts to push for higher burn rates. The Shibburn tracker, in an X post on Saturday, posted that the burn rate of Shiba Inu has increased to 133.66% in the last 24 hours. The community has been able to burn 34,245,582 SHIB, which helps decrease the circulating supply of the token. The largest burn transactions were 20,423,263 SHIB and 13,046,414 SHIB, respectively.
Related: Will SHIB Drop or Rally? Levels to Watch Closely This Week
Source: Shibburn
Weekly Burn Rate Progress
Besides the burn efforts, the weekly burn rate has been on the rise, and in this aspect, there has been an increase of 120.3%. In the last week, a total of 128,221,396 Shiba Inu tokens have been burnt, making the supply even lesser than before. These tokens have been burned and placed in unspendable wallets which have heightened the scarcity for Shiba Inu in the long run.
However, even though the number of whale transactions has reduced, the community-led burn initiatives of SHIB are slowly picking up. As of press time, Shiba Inu (SHIB) is trading at $0.00001541, down by 2.25% over the last 24 hours and a 22.43% down in the last month. As the growth of the Shiba Inu ecosystem progresses, it is unclear how these changes will impact short-term volatility and long-term fundamentals.
