- Shiba Inu’s adoption rate hit 36.16% as whale transactions surged by 150%
SHIB’s burn rate spiked by 482.88% on the back of the Spot Ethereum ETF news
As a seasoned crypto investor with several years of experience under my belt, I’ve seen my fair share of market fluctuations and trends. The recent developments surrounding Shiba Inu (SHIB) have caught my attention due to its impressive adoption rate surge and whale transactions spike.
Shiba Inu (SHIB) has experienced a significant increase in usage, even amidst price volatility. As reported by IntoTheBlock, SHIB’s new adoption level rose from approximately 33% on July 18 to 36.16% by July 25.
This surge demonstrates growing interest in the crypto, despite a temporary dip last week.
During this timeframe, the thirty-day moving average for adoption rate stood at 33.56%. The peak adoption rate, which was attained on the 28th of June, amounted to 40.12%. Conversely, the lowest adoption rate was recorded on the 30th of June, registering a value of 17.40%.
The data suggests a consistent increase in Shibaswap (SHIB) adoption, but this growth has not directly resulted in significant price jumps as of now.
Whale transactions surge
Alongside a notable increase in usage, there has been a substantial surge in sizeable SHIB transactions. The number of whale transactions jumped by 150%, implying heightened action among significant crypto investors.
The current trend indicates a resurgence of bigger investors’ attention towards one of the most commonly traded meme coins in the market.
Despite the recent improvements, the price of SHIB has mostly held steady. The coin is currently valued at $0.00001674 at this moment, marking a 2.87% increase within the past day.
Instead of increasing, as one might expect, the price decreased by 3.45% in the weekly charts. This indicates a combination of brief profits and more prolonged losses.
According to AMBCrypto’s recent report, Shiba Inu’s burn rate has experienced significant increase in the past day. This surge, which amounted to 482.88%, followed the news of Spot Ethereum ETF’s launch. Interpreting this data suggests that investors are increasingly looking to reduce the circulating supply of SHIB, likely in an attempt to boost its value.
After a noteworthy decrease, the burn rate figures from Shibburn indicated a substantial drop of 74.61%. Simultaneously, approximately 1,144,911 SHIB coins were moved to unspendable wallets within the blockchain network during this timeframe. These shifts in the burn rate are indicative of evolving market tactics among SHIB investors.
SHIB technical analysis
At present, SHIB/USDT’s daily price action showed some fluctuation, with the token hovering between its Bollinger Bands. The upper boundary was located at $0.00001931, while the lower boundary was at $0.00001520. The current market behavior hinted at a period of consolidation, having followed a drawn-out decline since early May.
In simpler terms, the RSI value of 43.96 for Shiba Inu signifies that the cryptocurrency wasn’t experiencing extreme buying or selling, making it neither excessively overbought nor oversold.
A steady market outlook is indicated by this situation, yet the recent decrease in the Relative Strength Index (RSI) could signal waning purchasing energy.
Based on my extensive experience in technical analysis and trading, I can tell you that when the Moving Average Convergence Divergence (MACD) indicator shows the MACD line lying slightly below the signal line, as was the case with values of -0.00000027 for the MACD line and -0.00000029 for the signal line in this instance, it can be a sign of potential neutrality or consolidation in the market. The tiny histogram bars hovering close to the zero line further emphasize the minimal bullish or bearish momentum at play. In my career as a trader, I have encountered similar situations numerous times, and while they don’t always result in significant price movements, they can serve as valuable opportunities for careful observation and strategic decision-making.
Tom explained that SHIB could potentially maintain its current trading pattern in the short term, without any substantial shift in trading activity or investor sentiment triggering a price movement.
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2024-07-27 11:53