Shiba Inu [SHIB], the meme-inspired cryptocurrency that has attracted a lot of attention, grabbed centre stage during a week that saw an incredible rise in the cryptocurrency market.
At the same time, Shiba Inu saw a notable rise in trade volume and other on-chain activities. During the same time frame, the cryptocurrency wallet handles enabling transactions totaling more than $50 million in SHIB.
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No one in the bitcoin community was unaware of this spike in trade volume and on-chain activity. SHIB’s market value increased by around $300 million between October 23 and October 24 at the time of reporting. As of right now, it is $4.37 billion.
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This emphasises even more the obvious positive trend and the widespread “fear of missing out” (FOMO) feeling among investors.
It is certainly encouraging for SHIB investors to see the trade volume improve, but the increase in on-chain activity is even more significant. During this time, there was a noticeable spike in whale activity connected to SHIB transactions.
This applied especially to those that involved amounts more than $500,000. The SpotOnChain technology allowed for close observation of these transactions.
Shiba Inu coins valued at $48.553 million were seen being moved by whales in a single day. In 15 transactions, more than 6.40 trillion SHIB tokens were exchanged.
Prominent cryptocurrency exchanges like Binance and Kucoin were involved in these trades. Along with a few secret addresses, it also contained well-known industry participants like Wintermute Trading, Robinhood, and BTC Turk.
How’s Shiba Inu doing these days?
SHIB was trading at $0.000007413 at the time of reporting, showing a 2.42% drop in price over the previous day. However, SHIB had increased by 7.73% over the previous week.
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This was accompanied by a 2.4% price increase in the previous 30 days. For the SHIB community, this price increase was a pleasant development, especially following a difficult time for Shiba Inu owners.
But it’s important to proceed with care when the market for cryptocurrencies is seeing a surge in excitement. Retail investors may enter positions at high prices due to FOMO, which might result in losses. To make wise judgements, investors should also evaluate the demand for the coin and perform in-depth research on Shiba Inu’s fundamentals.
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