Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
The majority of Shiba Inu (SHIB) growth metrics have turned green, setting the stage for a major price comeback for the second-largest meme coin. According to data from crypto analytics platform IntoTheBlock (ITB), Shiba Inu's large transaction volume has jumped by 220.57% in 24 hours to hit a massive $141.7 million.
Arman ShirinyanShiba Inu whale outlook
Per the definition of "large transactions" by the ITB platform, it accounts for SHIB deals worth at least $100,000. When amplified, the data shows a significant spike in this metric in just two days. The number of these large transactions moved from 164 on March 26 to 418 as of March 25.
The SHIB valuation of this surge also jumped from 1.59 trillion tokens on March 26 to 4.79 trillion units as of March 25. As a meme coin with a deep affinity for Shiba Inu whales, large transactions also jumped in dollar terms from $44.2 million to the $141.7 million it is currently boasting of today.
Shiba Inu whales have always played a major role in boosting the price of Shiba Inu. This visible uptick in large transactions comes at a time when Shiba Inu is plotting a major recovery overall. At the time of writing, Shiba Inu is changing hands for $0.00002966, up by 6.56% in the past 24 hours.
Sustainable breakout imminent?
Since Shiba Inu erased one zero from its price, it has maintained a relatively positive growth streak overall. Though the token has buckled under the bearish drawdown of the past weeks, it has maintained 18.37% growth in the trailing seven-day period.
Gamza KhanzadaevShiba Inu is now looking primed to retest the $0.00003 level after it fell from this level on March 16. With the metrics turning green once again, SHIB may be on its way toward an ultra bullish breakout.
Yuri Molchan
Gamza Khanzadaev
Dan Burgin
Alex Dovbnya
Vladislav Sopov