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Shiba Inu Records Biggest Transaction Spike of Year as SHIB Price Breaks Out

Sun, 04/02/2023 - 11:21
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Gamza Khanzadaev
Shortly before SHIB price breakout, Shiba Inu network activity reached yearly high, eminent analyst reports
Shiba Inu Records Biggest Transaction Spike of Year as SHIB Price Breaks Out
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According to renowned analyst Ali Martinez, citing data from the Santiment portal, Shiba Inu's network activity has set a record high since the beginning of the year. Shiba Inu reportedly experienced its highest daily surge of active addresses in 2023 at the end of March, when nearly 36,000 SHIB addresses transacted on the network.

#ShibaInu saw the largest spike in daily active $SHIB addresses over a year, with ~35,788 unique #SHIB addresses interacting on the network!

— Ali (@ali_charts) April 1, 2023

Interestingly, the surge in interaction with Shiba Inu tokens on the network occurred just before the SHIB price breakout after a long accumulation and a decline in volatility. After two weeks of trading in a range set by the 7.8% fall on March 15, the SHIB price exploded in action on the last days of March and showed a rise of more than 9% after.

Shiba Inu (SHIB) Breaks Out From Triangle, Here's Next Target

One would think that it was about insiders or whales anticipating the coming price action and capitalizing on it. However, as IntoTheBlock's in-depth statistics show, the vast majority of transactions made during the surge in network activity were in the $10-$100 range. There were also 578 transactions involving Shiba Inu tokens worth between $10,000 and $100,000.

There were 51 truly big deals with SHIB during this period. Of these, 50 were for amounts between $100,000 and $1 million and only one was for an amount higher than that but less than $10 million.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.