By George Ward
Shiba Inu’s Unusual Outflow Surge
On-chain data by IntoTheBlock shows that there has been about an 841% increase in outflows for popular memecoin Shiba Inu (SHIB) since the start of this week. This substantial uptick in outflows provides a crucial insight into the current dynamics of the Shiba Inu market.
Tracking these outflows by large-volume token holders provides an insight into the market dynamics of such tokens. However, this surge in SHIB outflows is a notable departure from the typical flow of assets.
Shiba Inu’s Price Movements And Whales’ Activities
A proper understanding of this surge in outflows requires an examination of Shiba Inu’s recent price movements. On October 26, Shiba Inu’s price experienced a remarkable surge, reaching a two-month high of $0.00000825.
This bullish momentum was followed by a period of profit-taking, leading to a decline in prices to $0.00000757 on October 27. This market behavior coincided with over 715.13 billion SHIB in outflows from large holders.
This surge in outflows suggests that Shiba Inu whales capitalized on gains following the recent bullish upswing. However, the outflows from these large holders have notably decreased to about 274.4 billion SHIB over the past day.
Also, the latest on-chain data shows that SHIB’s price is on a path of recovery. At the time of writing, SHIB has gained a marginal 0.6% in the last 24 hours, trading at $0.00000778, according to Coingecko data.
Top SHIB Team Member Uncovers Key Element For Holders
Meanwhile, Lucie, the official social media marketing expert of the SHIB team, recently shared her perspective on what she considers to be the most crucial element for Shiba Inu (SHIB) holders.
Addressing a question regarding the launch of Shibarium and the potential surge in SHIB’s price, Lucie cautioned against attempting to precisely predict the duration or trajectory of SHIB’s price rally.
In her analysis, Lucie acknowledged the inherent unpredictability of the cryptocurrency market and suggested the continued collaboration between the Shia Inu Army and developers.
She further explained that success in the crypto space does not adhere to a linear path. Instead, it requires a strategic approach that involves consistency and responsible development.
Lucie unveiled what she deemed to be the most vital attribute for SHIB holders — patience. She further forecasted the value of the BONE token to ascend in value as Shibarium gains traction through the involvement of side projects.
Additionally, Lucie emphasized the uniqueness of the LEASH token, predicting that it will make a significant impact. She also urged the SHIB community to remain patient, knowing that the future holds exciting prospects.
Lucie also reaffirmed her dedication and enthusiasm for the progress of the SHIB ecosystem. Her insights provide SHIB holders with a thoughtful perspective on the long-term prospects of the memecoin and its importance in the ever-evolving crypto landscape.
SHIB Burn Rate And Circulating Supply
Despite the efforts of the SHIB community to reduce the circulating supply of SHIB, data by the SHIB-centered explorer Shibburn indicates a significant decline in the burn rate. At the time of reporting, the burn rate plummeted by 91.89%, with nearly 4.58 million Shiba Inu tokens transferred to the dead wallet.
Notably, none of the 15 token burn transactions during this period was up to 1 million SHIB, underscoring the challenges the network faces in reducing the token’s circulating supply.