Shiba Inu whales are becoming more active following unexpected rise in average transaction size
The average transaction amount on the Shiba Inu has recently increased significantly, by almost 50%, as indicated by the increasing activity of whales. This has driven many tokens and may increase the demand for this coin meme.
The Shiba Inu network has an average transaction size of around $11,000. This is a significant increase from previous levels, around $7,000. The sudden increase in transaction size can be attributed to whales becoming more active online, fueling demand for SHIBs and hence an increase in whale numbers.
The Shiba Inu has grown in popularity recently due to the hype on social media and the rise in interest in crypto with its meme-inspired designs. With a current value of nearly $6 billion, the market capitalization of the cryptocurrency has grown significantly over the past few weeks. At the time of writing, SHIB is changing hands at $0.00001163.
SHIB/USD 4-hour chart | Source: TradingView
The increase in average transaction size may indicate that investors are becoming more and more optimistic about the future of SHIB and are willing to put more money into the coin.
Burn rate jumps 202%
The burn rate has increased by 202% in the last day, as 31,978,306 SHIB have been delivered to dead wallets, according to the Shibburn website. The increase in burn rate up to 9.8% has a good impact on Shiba Inu’s price.
The Shibarium Layer 2 protocol provides a new possibility for SHIB burns. According to the Shiba Inu team, SHIB burns will occur due to Shibarium network transactions. As part of the beta testing for the Shibarium Network, the team said a running chart for burned SHIB will be accessible on the burn portal.
Millions of businesses can now accept SHIB
Thanks to the fiat-to-crypto payment solution provided by NOWPayments in partnership with Guardian, millions of businesses may now accept SHIB and convert it into more than 160 other currencies. Customers can pay with fiat money using this method, and the money is converted to SHIB and placed into the merchant’s account.
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— NOWPayments (@NOWPayments_io) March 13, 2023
Gateway for cryptocurrencies Using specialized plugins compatible with PrestaShop, WooCommerce, Magento 2, WHMCS, OpenCart, Zen Cart, Ecwid, Shopify, and Shopware, NOWPayments also enables online retailers to accept SHIB token payments.
Shiba Inu payments can be made via the web-based point-of-sale system from NOWPayments, which can be used on various devices, including computers and mobile phones. This will increase the use of Shiba Inu.
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