SHIB whales caused the token’s price to fall sharply as network transaction volumes surged 651% in the past 24 hours. The past 24 hours recorded transactions worth $56.5 million from those who moved $100,000 or more.
The transactions moved approximately 5.9 trillion SHIB tokens in 18 transactions. In response, the price of SHIB dipped sharply yesterday from $0.00000970 to $0.00000943, a decline of 2.8%.
SHIB Needs Burn Rate to Offset Whale Selling
The total number of whale token movements constitutes around 5% of the token’s one quadrillion supply. The number of SHIB holders moving assets has fallen from 81 to 18.
The large movements by fewer whales suggest that investor sentiment around the asset is bearish. It also means the price has a reduced chance of an upswing in the short term since whales remove crucial liquidity needed to move prices.
Read more: Shiba Inu — A Beginner’s Guide
The reduced liquidity comes as a blow as the SHIB community is moving at full speed to what lead developer Shytoshi Kusama calls a Network State. One of the community’s first efforts involves building a Web3 identity centered on a .shib internet domain. The identity is akin to a single sign-on service for websites, emails, the crypto economy, and Web3 platforms.
“Domains allow us to build an identity layer on Shib that works across the Internet, without the need for special software. No wallets. No plugins. No extensions. You type it into a browser and it works, on your computer, on your phone; right out of the box.”
Shibburn reported earlier today that around 53 million tokens were burned in the past 24 hours, taking the number of tokens burned in January to almost 9.5 billion. The regular burns may act as a counterbalance to bearish whale sentiment in the short term.
Read more: Shiba Inu Burn Rate Explained: Understanding Token Burning
Latest News on SHIB Web3 Pivot
The most recent activity in the SHIB space is the launch of the Shibacals project, which allows minted NFTs to have a physical twin. Each physical item is embedded with an RF tag that, when scanned, is linked to a user’s SHIB address. The item is then available in the SHIB metaverse, a project that launched in 2023.
The SHIB community announced a Shibacals giveaway to three people who retweeted the Shibacals video. Successful recipients would receive 100 credits to use in the online store.
Crypto and macro expert Matthew Hyland expects NFTs to mount a resurgence in 2024. In the first week of December 2023, sales of NFTs rose to $297 million, dominated by the Blur marketplace.
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