The Shiba Inu ecosystem is buzzing with renewed excitement as whale activity increases and daily transactions reach new levels. Amid SHIB Award stagnation in recent years, these developments could push the cryptocurrency’s value to new highs.
Shiba Inu whale activity is increasing
The popular dog-themed cryptocurrency SHIB has recently experienced a massive increase in whale inflows. According to data issued According to crypto market intelligence platform IntoTheBlock, Shiba Inu experienced a 2,595% increase in large holder inflows.
The cryptocurrency witnessed a substantial surge between Wednesday, February 7 and Friday, February 9, resulting in an impressive spike in inflows from 275.2 billion SHIB to a staggering 2.31 trillion SHIB.
Moreover, the Shiba Inu cryptocurrency witnessed another surge around Thursday, February 8 and 9, as inflows from large holders rose from 1.4 trillion SHIB to 2.31 trillion SHIB.
These big gains have led to a notable shift in investor sentiment toward the economy SHIB, effectively capturing the attention of the broader cryptocurrency market. Recently there has been a clear increase in the number whale activities within the Shiba Inu ecosystem. This has led market observers and investors to keep a close eye on the token, looking for insights into the factors driving these major whale movements.
Shiba Inu’s marketing leader and influencer, Lucie, also has one bullish outlook for Company. According to her post on X (formerly Twitter), Shiba Inu could be one of the major altcoins to benefit from the 2024 running of the bulls.
She explained that when the bull market phase begins and capital flows into prominent cryptocurrencies like Bitcoin and other major altcoins, the momentum is likely to spread to Shibarium, possibly causing a price increase for SHIB.
SHIB is setting course for a potential price increase
In addition to the increase in whaling activitiesSHIB has experienced a notable increase in the number of daily transactions and new active users. Data from ShibariumScan reveals an increase in the number of daily transactions from 526,090 on February 9 to 2.04 million on February 11. At the time of writing, daily transactions have fallen slightly to 1.88 million.
The increase in the number of purchases by major investors and daily trades could soon indicate a possible spike in Shiba Inu price. Usually, an increase in transaction volume means an increase in investor interest and adoption of a cryptocurrency, which further contributes to increased demand and potentially impacts market sentiment.
According to CoinMarketCap, SHIB’s price is currently $0.0000095, reflecting an impressive gain of 2.76% in the past 24 hours. Crypto previously struggled to keep up bullish trends in the crypto market.
But with recent positive developments fueling market sentiment, Shiba Inu could be on the verge of an exponential rise if anything. break major limitations and price resistance.
Cover image of Dall-E, chart from Tradingview
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