Shiba Inu registered its biggest monthly gains so far in 2022 in February, finishing the month up 20.33%. Shiba Inu attempted a replica of the action in July, closing the month 13% higher. Shiba Inu might be on track to repeat a similar action given its recent price surge.
SHIB's price increased by over 30% on Oct. 29 to $0.00001519, the highest price since August 2022. The upswing on Shiba Inu was part of a bigger increase that began on Oct. 25, which caused its price to increase more than 54% within this period.
According to on-chain analytics company Santiment, the self-described "Dogecoin Killer," SHIB, has historically rallied with Dogecoin. The latter enjoyed immense gains after Elon Musk purchased Twitter. The impressive rise in the SHIB price also drew significant volumes.
A close above the $0.000013 mark and even higher at $0.000015 is needed, however, for SHIB to mark its next biggest monthly gain since February. At the time of publication, SHIB was changing hands at $0.0000124, up 1.12% in the last 24 hours.
Whale trading volumes spike 266%
Per WhaleStats data, SHIB ranked among the top 10 assets in terms of trading volume among the 100 biggest ETH whales. An analysis of the top 100 Shiba Inu holders by crypto data tracker indicates the 24-hour trading volume for this category of addresses has risen by 266%.
This corresponded with an increase in the average SHIB balance of these large holders.
According to IntoTheBlock data, SHIB is now seeing its highest percentage of long-term holders, setting a new milestone in the metric. The percentage of long-term holders, or "hodlers," has jumped to 44%, the highest so far, while that of midterm speculators continues to decline. Meanwhile, the percentage of short-term holders has held relatively steady.