“`Bitcoin
- Shiba Inu (SHIB) is again on top as crypto whales return to the meme coin’s ecosystem.
- On-chain data shows that these high-volume investors have been recently accumulating the meme coin, which could ultimately affect its price.
- “A 2,300% increase in daily large transaction volume signals a bullish outlook for Shiba Inu,” notes IntoTheBlock analytics.
Discover how recent whale activities and new listings are setting the stage for a potential price surge in Shiba Inu (SHIB).
Shiba Inu Sees Spike In Whale Transactions
Data from the on-chain analytics platform IntoTheBlock shows that Shiba Inu saw a 2,300% increase in its daily large transaction volume, amounting to $223 million. This category of transactions exceeds $100,000 and is usually made by traders called “whales.” This development presents a bullish signal for the meme coin, as whales are known to significantly impact a coin’s price discovery.
Increased Trading Activity and Token Burns
Alongside the spike in whale transactions, Shiba Inu has also seen an increase in daily active addresses and transactions, suggesting heightened trading activity. Moreover, the meme coin’s burn rate has escalated with over 143 million SHIB tokens burned in the past week, potentially reducing supply and driving up prices.
Commercial Adoption and Network Developments
Shiba Inu’s recent listing on the cryptocurrency payment platform CoinGate marks a significant step towards broader commercial adoption. Users can now use SHIB to pay for services and goods on various platforms, including Airbnb and purchases from brands like Nike and Zalando. However, the layer-2 network Shibarium shows slower progress, with daily transactions still underwhelming compared to its initial performance.
Technical Analysis and Market Sentiment
Crypto analyst Ali Martinez points out that Shiba Inu could see a “20% upswing to $0.00002954” if it breaks the upper boundary of its current descending parallel channel. Another analyst, DamiDefi, suggests a potential 50% price pump if SHIB breaks out from its current falling wedge pattern on the daily chart.
Conclusion
While Shiba Inu shows promising signs of growth and adoption, its correlation with Bitcoin’s price movements and the slow progress of Shibarium could temper its short-term gains. Investors should watch for significant technical breakouts and broader crypto market trends that might influence SHIB’s trajectory.
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