The post Shiba Inu Records 240% Spike In This Key Metric appeared on BitcoinEthereumNews.com.

Shiba Inu (SHIB) is again catching the attention of crypto whales as on-chain data shows a 240% spike in this crucial metric. Thanks to the surge in this on-chain metric, a massive price rally for the second-largest meme coin by market cap might be on the horizon.  Shiba Inu Records 240% Surge In Large Transactions Data from the market intelligence platform IntoTheBlock shows that Shiba Inu’s large transaction volume surged by 240%, rising to 781.4 billion SHIB on August 11 from 326.98 billion SHIB the previous day. This surge in large transaction volume continued on August 12, rising by over 93% to 1.51 trillion SHIB being traded on that day.  Source: IntoTheBlock The surge in large transaction volume suggests that crypto whales are actively accumulating Shiba Inu as the meme coin looks to reclaim the $0.00002 price level as support. Data from IntoTheBlock showed that these whales offloaded a significant amount of their holdings last week as the crypto market suffered a price crash. However, with the market recovering again, it is understandable that these whales will want to add their positions, especially considering the heights that Shiba Inu could still reach in this bull run. These whales could also contribute to a massive price rally for Shiba Inu, considering the impact they are known to have on the market.  It is also worth mentioning that SHIB’s strong positive price correlation with Bitcoin is again on the rise, currently at 0.79. This represents a positive for the meme coin as its price could significantly increase as the flagship crypto records new highs. However, Shiba Inu community members still have cause to be worried as other on-chain metrics paint a bearish picture for the meme coin.  The net network growth has stagnated, suggesting a lack of new investors in the Shiba…

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Filed under: News - @ August 14, 2024 9:24 am