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Shiba Inu (SHIB) Large Transactions Up 41%, Will Price Surge Follow?

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Sat, 4/11/2023 - 14:14
Shiba Inu (SHIB) Large Transactions Up 41%, Will Price Surge Follow?
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Shiba Inu (SHIB) is charting another bullish course that seems to be triggered by the presence of whales within its ecosystem. Data from CoinMarketCap pegs the current price of Shiba Inu at $0.000007877, up 1.66% in the past 24 hours. This mild uptick has helped the meme coin erase its losses for the week with the growth rate now pegged at 1.07% at the time of writing.

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As a multifaceted protocol, several metrics are working together at the moment to chart the SHIB revival, the chief of which is the surge in large transactions on the network. Crypto analytics service provider IntoTheBlock (ITB) revealed that SHIB's large transactions have jumped by 41.45% in the past 24 hours with $45.42 million in recorded volume.

SHIB Transaction Chart. Source: IntoTheBlock

By definition, large transactions feature those valued at $100,000 or more, and per the data, this jumped from 4.09 trillion SHIB on Nov. 2 to the current 5.81 trillion SHIB. This uptick underscores the luster surrounding Shiba Inu as a protocol with the right prospects as a utility token and investment asset.

With ITB data presenting the whale transactions as the only positive metric at this time, we can attribute the immediate spark to this push.

Shiba Inu to keep growing?

The growth of SHIB is on shaky grounds at this time considering the 30% drop in trading volume that is masking the mild uptrend.

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However, a look at the macroeconomic trends impacting the market, including the sentiment surrounding the potential approval of Bitcoin spot ETF by the SEC may have a specific rub-off on SHIB.

Anticipation of new products and solutions on Shibarium as teased by lead developer Shytoshi Kusama also underscores how much demand SHIB is bound to generate this month. With these positive triggers, SHIB appears on track to print its first positive November in three years.

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