- Shiba Inu’s adoption rate hit 36.16% as whale transactions surged by 150%
- SHIB’s burn rate spiked by 482.88% on the back of the Spot Ethereum ETF news
Shiba Inu (SHIB) has registered a notable hike in adoption rates, despite recent price fluctuations. In fact, according to IntoTheBlock’s data, SHIB’s new adoption rate jumped from around 33% on 18 July to 36.16% by 25 July.
This surge demonstrates growing interest in the crypto, despite a temporary dip last week.
Over this period, the 30-day average adoption rate had a reading of 33.56%. The highest point reached was 40.12% on 28 June, while the lowest was 17.40% on 30 June.
These figures indicate a general upward trend in SHIB adoption, although this has not yet translated into immediate price hikes on the charts.
Source: IntoTheBlock
Whale transactions surge
In addition to rising adoption rates, large SHIB transactions have seen a significant spike too. Whale transactions surged by 150%, indicating greater activity among major holders of the crypto.
This trend suggests that larger investors are showing renewed interest in one of the market’s most popular memecoins.
Source: IntoTheBlock
Despite the aforementioned updates, however, the price of SHIB has remained relatively stable. At press time, the memecoin was trading at $0.00001674, following a 2.87% hike in just 24 hours.
On the contrary, on the weekly charts, the price declined by 3.45%, showing a mix of short-term gains and longer-term declines.
As recently reported by AMBCrypto, Shiba Inu’s burn rate has also seen notable activity lately. Coinciding with the announcement of Spot Ethereum ETF’s launch, the burn rate surged by 482.88% within just 24 hours. This can be interpreted as a sign of growing interest in reducing the supply of SHIB – Potentially to drive up its value.
However, the burn rate data also showed a significant drop of 74.61% shortly after, as per Shibburn. A total of 1,144,911 SHIB was transferred to unspendable blockchain wallets during this period. These fluctuations in the burn rate reflect ongoing adjustments in market strategies among SHIB holders.
SHIB technical analysis
SHIB/USDT’s daily chart indicated moderate price volatility at press time, with the price moving within the Bollinger Bands. The upper band was at $0.00001931, while the lower band was at $0.00001520. The press time trading pattern suggested a phase of consolidation, following a prolonged downtrend observed since early May.
The Relative Strength Index (RSI) for SHIB was at 43.96, indicating that the cryptocurrency was neither overbought nor oversold.
This can be seen as a sign of stable market sentiment, although a recent decline in the RSI might suggest weakening buying momentum.
Source: TradingView
Finally, the Moving Average Convergence Divergence (MACD) indicator revealed the MACD line to be slightly below the signal line, with values of -0.00000027 and -0.00000029, respectively. The small histogram bars close to the zero line pointed to minimal bullish or bearish momentum.
Tom put it simply, SHIB might continue to trade sideways in the near term, unless there is a significant change in trading volume or market sentiment.