- Shiba Inu (SHIB), the world’s second-largest memecoin, has experienced a significant increase in whale activity, with large transaction volumes rising by 240% in the last 24 hours.
- As Shiba Inu prepares to celebrate its fourth anniversary, the ecosystem is buzzing with excitement due to recent developments, including introducing an auto-burn mechanism.
The world’s second-largest memecoin, Shiba Inu (SHIB), has recently reported a surge in whale activity, with the large transaction volumes soaring by a staggering 240% in the last 24 hours. The SHIB altcoin has witnessed strong volatility in the last 24 hours, with its price oscillating between $0.0000130 and $0.0000145.
As of press time, the SHIB price is down 0.72%, trading at $0.00001379. It has a market cap of $8.12 billion, and daily trading volumes are dropping under $200 million.
In the last 24 hours, the Shiba Inu whale transactions have surged from 326.98 billion SHIB to 781.4 billion SHIB. The technical chart shows that SHIB’s Bollinger Bands remain wide, typically bullish. However, the price further pushes the lower band, indicating bearish behavior.
On the other hand, the project’s relative strength has dropped from the neutral zone and is now in oversold territory, showing that the bears are currently dominating the market. However, this shift indicates that the situation could change soon while offering buyers the opportunity to buy SHIB at lower levels.
The meme coin has seemingly found its bottom at $0.0000130, the lowest point in the past six months. However, SHIB has been spiraling downward since March, and this trend could continue until the next year-long rally begins.
Shiba Inu Ecosystem Developments
This month, Shiba Inu will be celebrating its fourth anniversary with the community staying very excited about the mega SHIB rally coming ahead, reported Crypto Key News.
Amid the recent hard fork last week on August 9, Shiba Inu introduced the auto burn mechanism, that removes SHIB coins from the circulating supply, per the CNF report. This burn mechanism functions by utilizing a portion of Shibarium’s transaction fees. Currently, 70% of the base fee from each transaction on Shibarium is converted into SHIB tokens and permanently removed from circulation. The remaining 30% is allocated to the development and maintenance of the Shibarium ecosystem, according to a report by Crypto Key News.
🔥Shibarium BURNS UPDATE 🔥
Starting at block 6206570, the Shibarium network will roll out a long-awaited update: a burn mechanism directly tied to transaction fees. With this update, 70% of all base transaction fees collected on the network will be automatically converted to… pic.twitter.com/D4hkfvAP3H
— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) August 8, 2024
This week, Shiba Inu lead developer Shytoshi Kusama will speak at the 2024 Blockchain Futurist Conference, which will bring together leading figures in Web3, crypto, DeFi, NFT, and other sectors. The SHIB community eagerly anticipates that Kusama will announce a new project during this year’s conference, which could ignite the SHIB price. This anticipation is well-founded, as Kusama revealed the launch of Shibarium, Shiba Inu’s layer-2 solution, during the 2023 conference.
