The Shiba Inu network has recorded a staggering upsurge in transaction volume going up to nearly 500% within 2 days.
Addresses holding more than $0 in Shib surged by nearly 1 million in recent times.

Within a very short period, the Shiba Inu network has recorded a massive upsurge in on-chain transaction volume. The newly attained milestone has bolstered positive sentiments from Shiba Inu traders and investors alike.

According to recently published data from InTheBlock, an analytics platform dedicated to digital currencies, network activities on the Shiba Inu blockchain have increased.

In particular, transactions carried out on the network have skyrocketed by a whopping 498%. The feat was recorded over the last 48 hours and can be traced back to an upswing in whale transactions.

As depicted in a chart shared by InTheBlock, the transaction volume has been brewing since the start of November. At the time, transaction volume was swinging between the 9 trillion and 6 trillion levels. Transactions would take a downturn in the coming months, only to retain traction and climb upwards.

Over this period, Shiba Inu saw an integration of more than $40 million (5.1 trillion tokens) into the Shib market. This has further resulted in daily transactions increasing to a whopping $51.71 million (6.38 trillion tokens).

Shiba Inu non-zero addresses cross the $1 million mark

The new development is good news for Shiba Inu as it reflects that the asset’s fundamentals are healthy. It could also go on to sway market sentiments at this time and trigger a potential entry point for new investors and traders. However, at this time, the fundamental benefits are yet to be reflected in Shiba Inu’s price performance.

Notably, the token’s position in the technical charts is reflective of a bearish takeover. At this time, Shib, like many other altcoins, is trading in the red zone.

At report time, Shiba Inu is trading for $0.000008102. The asset has lost more than 8% of its daily gains over the last 7 days, although monthly gains of 12% are still intact. This far, trading volume has plummeted by 48% within the last 24 hours.

The bearish uptrend has been credited to the recent development with Binance exchange and its former CEO who recently stepped down. It remains uncertain whether selling pressure will increase or reduce in the coming weeks.

Despite the current market position, Shiba Inu is still recording some remarkable growth. Recent data revealed that Shiba Inu non-zero addresses have gone past the 1 million mark.

This means that wallets holding more than $0 have increased by 15,000% (1.26 million) since February. The recent Shib price rally, along with the upswing in its market cap over the $40 billion mark are factors that might have influenced these changes.

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Filed under: Bitcoin - @ November 23, 2023 6:11 pm