As a seasoned researcher with a knack for deciphering market trends and whale activities, I find myself intrigued by the current state of meme coins like Shiba Inu (SHIB) and Dogecoin (DOGE). The data from IntoTheBlock is indeed fascinating, suggesting a shift in investor sentiment towards SHIB.
The data from various sectors of the broader cryptocurrency market, particularly meme coins such as Shiba Inu (SHIB) and Dogecoin (DOGE), presents an intriguing turn. Crypto analytics platform IntoTheBlock reveals a substantial difference in whale behavior between SHIB and DOGE.
Shiba Inu whales showing DOGE The Way
Based on recent data, there was a significant increase of approximately 261% in large-scale SHIB transactions (transactions valued at over $100,000) within the last day. In contrast, Dogecoin saw only a modest rise of around 4.58%. To clarify, “whale transactions” here refer to any transfers that meet this value threshold.
Although DOGE’s trading volume of $1.29 billion far exceeds Shiba Inu’s $39.6 million in monetary terms, the significant surge in growth rate suggests a greater number of investors are drawn to SHIB as a whole. This surge from major investors could lead to an essential revival, considering other development indicators are currently experiencing a decline.
According to previous reports from U.Today, no Shiba Inu tokens were sent to the burn wallet over the past day. This suggests that the overall Shiba Inu community may be experiencing a cooling down period following a significant surge in activity the previous week.
Through the large-scale acquisition of Shiba Inu coins by prominent investors, a substantial amount is being purchased off the public market. This action plays a crucial role in generating momentum for the meme currency, providing the necessary drive for price escalation.
Where is Shiba Inu at now?
Currently, as I’m typing this, Shiba Inu’s price is experiencing a gentle rebound, though it was lower earlier in the day. The token has climbed by 3.73%, reaching $0.00001689. This recovery suggests that Shiba Inu might be recovering some of its losses from the previous week, hinting at potential future increases.
As a researcher, I find it premature to declare SHIB’s recovery at this stage, but it’s encouraging to note that the token has established a crucial support base around the $0.00001612 price point. With the continuous development of the SHIB ecosystem, potential core investors might find enough promising updates to anchor their fresh investments.
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2024-11-04 19:48