Shiba Inu rose 12%, outperforming the broader crypto market, fueled by increased whale transactions and heightened burn rate activity.
Whale transactions surged over 525% in 48 hours, with several trades valued between $1 million and $10 million each.
Trading volume dropped 28.44% despite price growth, raising concerns about the rally’s sustainability without stronger market participation.
Shiba Inu recorded a notable 12% rally after a volatile market phase. The meme-inspired cryptocurrency moved higher than the broader market, which grew by 1.78% during the same period. Current data shows SHIB trading at $0.00001368, reflecting a 5.77% increase at press time.
The recent price gain follows a sharp rise in whale transactions. Over the past 48 hours, large holder activity increased by more than 525%. Many of these trades ranged between $1 million and $10 million in value. This surge in large-scale movements has supported the token’s upward price trend.
Supply Burns Add Support to Price
The Shiba Inu ecosystem also recorded a sharp rise in token burns. Data shows the burn rate increased by as much as 3,400% in the same period. This reduction in circulating supply is adding a supportive factor to the price, even as the market digests the whale-driven moves.
Despite the strong price action and high whale activity, trading volume has remained low. In the past 24 hours, SHIB’s trading volume fell by 28.44% to $228.63 million. The lack of corresponding volume growth could slow further gains and may limit the sustainability of the rally.
Whale Deposit to Binance Draws Attention
Amid the market moves, a significant whale transfer was reported. A single deposit of 39,999,203,056 SHIB was made to Binance. Such transactions can influence market liquidity and price stability, especially when combined with the other whale activities seen in recent days.
In a separate development, SHIB developer Kaal Dhairya announced plans to strengthen unity in the community. He suggested holding an election to choose a “SHIB president” to guide the ecosystem forward. The proposal has faced criticism from parts of the community, with some members urging a focus on restoring investor trust instead.
