Investors, watch ‘Burning’ SHIB’s latest round of purchases on Coinbase

The crypto market’s recent recovery efforts have pushed many of the industry’s top cryptocurrencies to monthly highs. However, is the case with popular memecoin Shiba Inu [SHIB] seems a little different. Not only has SHIB found it difficult to register a double-digit increase over the past seven days, but it has also struggled to increase by single digits.

Interestingly, SHIB investors were welcomed with a long-awaited price rise recently. In fact, according to CoinMarketCap, SHIB won of 3.12% in the last 24 hours, a total increase of 4.50% in the last seven days.

The other side of the spectrum

Earlier it was reported that the SHIB’s rate of fire had decreased dramatically. Furthermore, the growing whale accumulation the trend appeared to be insufficient to propel SHIB to a significant price increase on the charts. However, the burn rate now appears to have surrendered the demands of SHIB investors.

At press time, the SHIB burn rate was up 24.20% in the last 24 hours, with the total number of SHIB tokens burned at 34.84 million. In the same way, the positive change on SHIB’s side may be linked to the retail trade’s activities. This is because the buying activity on the crypto exchange Coinbase has increased in a corresponding way.

In fact, popular SHIB advocate Alexander reported that 96% of all SHIB-related activity on Coinbase was buying activity. On the contrary, sales amounted to only 4%.

Such a buying spree might not surprise many, as SHIB remains one of the market’s top cryptocurrencies with interest from retail traders. The aforementioned reason has also contributed to pushing society’s numbers higher.

Whales behind but…

Unfortunately, despite the aforementioned increase, SHIB whales seem to have taken a back seat. In accordance WhaleStats, SHIB is now number two across the holdings of the top-200 Ethereum [ETH] whales.

At the time of writing, the whale data platform reported that SHIB’s value among these whales was $179.34 million.

However, it may be too early for SHIB short-term traders to expect a more significant uptick on the charts. This is because SHIB’s volume fell during the last three days.

Based on Sentiment‘s records, SHIB’s volume was $483.75 million in August. However, August 13th registered a figure of $421.09 million – down 5.69% from August 12th’s figure.

Source: Sentiment

Also, 24-hour active addresses across SHIB’s ecosystem declined, suggesting that interest in crypto may not have skyrocketed to drive a rally. Ergo, investors may have to rely on rising market capitalization, which has gone up to $6.96 billion, if the green trend is to be sustained.

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