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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.
Alex Dovbnya
Vladislav Sopov
Dan Burgin