The post Shiba Inu Big Buyers Return: What The 2,300% Spike In Whale Volume Means For Price appeared on BitcoinEthereumNews.com.

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.  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.  Therefore, a surge in Shiba Inu’s price looks inevitable, as whale accumulation usually leads to an upward trend in the token’s price. Meanwhile, other metrics paint a bullish outlook for the meme coin. For instance, there has also been an increase in the daily active addresses and transactions, which suggests that crypto investors are actively trading the meme coin.  Shiba Inu’s burn rate is also up in the past seven days with over 143 million SHIB tokens burned during that period. Shiba Inu’s fundamentals are also strong. The meme coin recently secured a listing on the cryptocurrency payment platform CoinGate.  This listing is expected to expand Shiba Inu’s offerings. Users can use the meme coin to process some commercial transactions, including paying for Airbnb accommodations and purchasing from certain brands like Nike and Zalando.  However, despite such a bullish outlook, the layer-2 network Shibarium is still lagging, which will undoubtedly be a cause for concern for the ecosystem. Data from the Shibariumscan shows that the network has continued to record daily transactions under 10,000. This is a far cry from when Shibarium recorded millions in daily transactions. SHIB’s Next Move On The Charts Crypto analyst Ali Martinez…

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Filed under: News - @ May 16, 2024 7:22 am