As a seasoned crypto investor with a knack for spotting potential gems and a penchant for riding the market rollercoaster, I must admit that my eyes have been glued to Shiba Inu (SHIB) lately. The recent reshuffle in the market, marked by a week-long drawdown, has surprisingly brought this meme coin back into the limelight.
Shiba Inu (SHIB) is taking center stage amidst significant market adjustments after a seven-day decline. As we speak, information from CoinMarketCap indicates that Shiba Inu is being exchanged for approximately $0.0000132, representing a 1.75% increase over the past day. Remarkably, this is one of the rare instances where SHIB’s price and trading volume statistics will show positive trends since early September.
SHIB whales unleashed
In the midst of this resurgence, major Shiba Inu investors (often referred to as “whales”) are leading the charge in this uprising, experiencing an astonishing 68% surge within a day. According to IntoTheBlock, these significant wallet holders have transacted a total of $24.97 million during this period.
As a point of reference, transactions involving whales, as tracked by IntoTheBlock, begin at $100,000. Over the last day, a total of 98 such transactions have taken place. In terms of the actual Shiba Inu (SHIB) tokens, these large whale holders have moved approximately 1.95 trillion SHIB within this time period.
The actions taken by these whales significantly impact the development of the token. An increase in whale-related transactions has led to a recovery in price, market cap, and trading volume, which had previously reached critical points, as reported before.
Changing game
Currently, the achievement of Shiba Inu’s success is often overshadowed by its strong connection with Bitcoin. The apparent upward trend in its price could potentially be attributed to Bitcoin’s price increase, at the time of this writing.
To significantly shift the game in Shiba Inu’s advantage over the long haul, it is crucial that the token continues to develop its ongoing ecosystem progression. With promising advancements on their way to Shibarium, the token possesses a solid foundation for continued growth overall.
Maintaining its current trajectory could potentially lead Shib to break free from Bitcoin’s impact over the long haul, increasing the likelihood that it will attempt to reach its previous all-time high (ATH) by the end of this year.
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2024-09-09 19:24