Surge In Whale Transactions
Shiba Inu (SHIB) has been an unexpected subject of fascination and uncertainty in cryptocurrency. According to the latest insights from IntoTheBlock, a crypto data analytics platform, Shiba Inu witnessed a significant rise of up to $11.3 million in total transaction volume on December 13.
These transactions (valued at $100,000 or higher) depict a substantial activity level within the SHIB market. Surprisingly, this volume nearly doubled the following day, soaring to $23.33 million.
However, the increase in the number of whale transactions stood out. From 44 transactions recorded on December 13, this number rose to 83 on December 14. This surge, independent of general market momentum, indicates a significant whale activity shaping SHIB’s trajectory.
Hope Amidst Volatility
While Shiba Inu has grappled with converting its volatility into sustained growth, it maintains its position as the second-largest meme coin by market capitalization, backed by robust exchange support. Nonetheless, it hasn’t performed as strongly as some of its counterparts in the meme coin space.
Meanwhile, analysts point towards promising on-chain metrics and the coin’s underlying fundamentals as potential catalysts for this meme coin’s future growth. Factors such as the potential of Shibarium and its current deflationary tendencies offer an optimistic outlook for Shiba Inu’s future trajectory.
Shiba Inu Team Promises SHIB Burns Despite Delay
In a related development, the Shiba Inu community awaits the three planned manual Shibarium-driven SHIB burns after a setback regarding the previous schedule. This setback has caused frustration among holders eagerly anticipating this vital event.
DaVinci, an admin on Shiba Inu’s Discord channel, addressed the growing concerns arising from the delay. After experiencing increased Shibarium transaction fees, the Shibarium team carried out its debut SHIB burn.
This activity moved 8.2 billion SHIB tokens to a dead wallet using a portion of the fees generated from the network’s activity. The successful burn raised hopes among investors for subsequent scheduled burns.
However, the team’s announcement about three manual SHIB burns scheduled for December 14, 15, and 16 has yet to happen. This absence of updates or execution has disheartened SHIB holders, leading many to voice their frustrations on various social media platforms.
DaVinci’s Reassurance Regarding SHIB Burns
In response to the community’s concerns, DaVinci reassured members that the team remains committed to carrying out the burns as promised. While no specific dates were mentioned for the rescheduled burns, DaVinci urged the community to refrain from spreading misinformation.
He then assured them that an update would follow once the team pinpointed the delay’s exact cause. The delay in executing these burns has intensified the frustration within the Shiba Inu community.
As the wait continues, holders hope that the team’s commitment to the burns will eventually boost the token’s value and restore investor confidence in the project’s future.