Over the past 24 hours, Shiba Inu (SHIB) has seen a significant increase in large transactions valued at over $100,000. The number of substantial SHIB transactions surged to 45, up from a recent low of 34. This uptick in whale activity has resulted in the movement of more than 1.97 trillion SHIB within a single day—the highest level since early September.

Burn Rate Rises Sharply

In addition to the surge in whale activity, Shiba Inu has experienced a notable increase in its burn rate. Data from Shibburn, a community-run SHIB burn tracker, shows an 189% increase in burned tokens. On Tuesday alone, approximately 2,064,565 SHIB tokens were burned, signaling a growing effort by the community to reduce the circulating supply.

Bearish Pressure Persists Despite Positive Developments

Despite these positive developments, Shiba Inu’s price continues to struggle. As of press time, SHIB is trading at $0.00001349, with a 2.13% increase in the last 24 hours but a 4.61% decline in the past 7 days. This drop is part of a larger bearish trend that has seen SHIB underperform in the market, even as on-chain activity shows promise.

Over the past seven days, bearish sentiment has outweighed bullish sentiment, with 138 bearish addresses compared to 132 bullish ones. In this context, “bulls” are addresses that purchase more than 1% of the token’s 24-hour trading volume, while “bears” are those that sell more than 1%.

Renewed Interest from Institutional Investors

The surge in whale activity suggests renewed interest from institutional investors, which could potentially drive positive price movement for Shiba Inu. The increase in large transactions indicates that whales are actively participating in the market, potentially signaling a rebound for the cryptocurrency.

While Shiba Inu faces persistent bearish pressure, the recent surge in whale activity and burn rate are positive developments that could potentially lead to a rebound in the near future. However, the prevailing bearish sentiment continues to challenge SHIB’s price stability, and it remains to be seen how the market will respond to these latest on-chain events.

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