Cryptocurrency analyst and trader Ali Martinez has shared a chart provided by the on-chain data aggregator Santiment.
This chart clearly shows a massive decline in whale activity on the Shibarium network over the past 90 days.
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SHIB whales' activity declines
The Santiment chart shared by Martinez shows a tremendous decline in SHIB whale transactions on the network since early December 2024. The chart registers SHIB transfers of more than $1 million worth of SHIB made by large wallets.
The decline in transaction activity has dropped along with the SHIB price as it declined from $0.000033 to $0.000016. Ali commented that since Dec. 6, whale activity on the Shiba Inu network has seen a 79% decline.
Whale activity on the #ShibaInu $SHIB network has declined by 79% over the past three months. pic.twitter.com/sKPfZEdvgS
— Ali (@ali_charts) February 22, 2025SHIB burns skyrocket 134%
According to a recent tweet published by the Shibburn tracker, in the past day the SHIB community has succeeded in pushing the burn rate up, giving it significant momentum.
During the last 24 hours, the community has managed to dispose of 34,245,582 SHIB, driving it out of the circulation supply. Thus, the burn rate jumped by 133.66%, the tweet shows.
The two largest burn transactions carried 20,423,263 and 13,046,414 Shiba Inu meme coins.
As for the weekly burn rate, it has also shown a major increase, going up by 120.3%. Over the past week, a total of 128,221,396 SHIB has been locked in unspendable blockchain wallets, i.e., burned.
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SHIB market performance
Meanwhile, the second largest meme-themed cryptocurrency SHIB has displayed an almost 3% increase since Friday. This way, it has attempted to recover after the 6.57% decline that took place on Thursday.
At the time of writing this, SHIB is changing hands at $0.00001540.
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