Shiba Inu Whale Transactions Jump 341%, Price To Follow Suit?
Highlights
- Shiba Inu whales in blowout mode with massive transaction volume trend
- The large transaction boom came amid revived market trend
- Shibarium and general market trend fueling SHIB's positive outlook
With the market now undergoing a bullish momentum, Shiba Inu whales are flapping their fins in no small measure. The combined market capitalization has jumped by more 6.18% in 24 hours to $2.45 trillion. This bullish sentiment is unusual and positions all altcoins including SHIB on a path to light up all of their core metrics.
Shiba Inu Whales Volume Hints Bullish Bets
Per data from IntoTheBlock, the 24 hour SHIB whales volume has jumped by 341%. The IntoTheBlock performance metric is used to judge large transactions worth at least $100,000. Within the time under review, the transaction volume has topped $68.02 million.
SHIB whale action is not uncommon in the memecoin ecosystem. This unusual liftoff is unexpected considering the outlook for Shiba Inu has continued to show volatility over the past week. When zoomed in, the total count of these whale transaction comes in at 170 in the 24 hour time span.
By actual token volume, whales moved a total of 3.73 trillion Shiba Inu on-chain. This makes it one of the most embraced memecoins in the broader digital currency. SHIB is one token with multiple performance metrics to watch.
As of writing, the token’s price comes in at 11.42% in 24 hours to $0.00001923. While core proponents are awaiting the token to breach the $0.00002 resistance level, it has scored a temporary win. Amid its massive rally, SHIB flipped Avalanche (AVAX) as the 12th largest digital asset in the market.
While it remains unclear how long Shiba Inu will keep up with this ranking, the token’s whales might stir a needed change. If the token’s large buyers can sustain the current activity boom, the dog-themed token may see more surge in the short term.
Ecosystem Trends To Watch
Beyond the impact of Shiba Inu whales, the memecoin has a very vibrant ecosystem. Through its Shibarium Layer-2 scaling solution, the token has continued to introduce new use cases for its users. Recently, Shibarium introduced a bridge feature for its affiliated Non-Fungible Token (NFT) Shiboshis.
Beyond this, Shiba Inu is driving up an agenda to compete with existing Ethereum L2 protocols in the industry. With scheduled SHIB burning via the Shibarium burn portal and other positive ecosystem updates, Shiba Inu has set a path for sustained future growth.
Read More: Shiba Inu Price Eyes 300% Surge As Analyst Warns ‘80%+ Drops Are Behind Us’
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