Bitrabo Editorial
The recent activity in the broader crypto market has created a positive outlook for the Shiba Inu ecosystem. Numerous cryptocurrencies and blockchains are experiencing heightened activity and transactions, leading to positive price movements over the past seven days. Shiba Inu has also shown increased activity, particularly evident in a substantial surge in money movement within the ecosystem. This surge is primarily driven by Shiba Inu whales, who have recently transacted 40% more money.
Surge in Key Metric for Shiba Inu
Notably, large SHIB holders, or whales, have actively participated in the recent market surge. Through IntoTheBlock’s analysis of large transactions exceeding $100,000, it was found that $30.64 million was exchanged among significant SHIB wallets on Saturday. This amount reflects a notable 46.9% increase from the previous day’s $20.85 million and a striking 121% rise from the $13.86 million recorded two days earlier. The surge in transaction value aligns with an increase in transaction volume by major SHIB holders.
Although the recent whale transactions may appear modest compared to previous activities, the notable increase denotes a shift in sentiment among SHIB whales who have been relatively quiet since July. Significant movements of SHIB holdings by whales often signal an upcoming development in the ecosystem.
SHIB Price Trend
SHIB investors can take satisfaction in the meme cryptocurrency’s recent price performance. Currently trading at $0.000018, SHIB has observed a 3% increase in the last 24 hours. Interestingly, SHIB has surged by 13.5% from its recent low of $0.00001585 on July 12, leading to a higher profitability for many SHIB holders, now standing at 52.14% of total addresses.
The recent uptrend in SHIB’s price, partially influenced by Bitcoin’s price movements, is likely further supported by the surge in whale transactions. These recent transactions by significant players are presumed to be accumulations, indicating a positive outlook for future price movements. Noteworthy shifts in SHIB holdings away from exchanges by major players could stimulate greater interest in SHIB for a temporary period.
Consequently, the meme coin might sustain its upward price momentum until it encounters a significant order block situated around $0.0000209.