Advertisement
AD

Main navigation

Shiba Inu (SHIB) Saw 700% Increase in Transactions Number: What's Happening?

Advertisement
Fri, 31/03/2023 - 10:30
Shiba Inu (SHIB) Saw 700% Increase in Transactions Number: What's Happening?
Cover image via stock.adobe.com

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.

Read U.TODAY on
Google News

Shiba Inu (SHIB) network has experienced a dramatic increase in transaction count, surging by 700% in a short period. The number of transactions has skyrocketed from around 5,000 to 36,700. This sudden surge seems unusual and puzzling, especially considering the relatively calm performance of the SHIB token.

Advertisement

The reasons behind the spike in transaction count remain unclear, but some speculate that it could be due to increased interest from retail investors or a sudden influx of whale activity. Complementing indicators like the burn rate are also stagnant, which reflects the lack of activity on the network in general.

ITB chart
Source: IntoTheBlock

Regardless of the cause, the heightened network activity has not yet translated into significant price action for the SHIB token. Currently, Shiba Inu's volatility remains low, and its trading pair appears to be consolidating within a triangle formation. The general volatility drop on the trading pair suggests that the token might be gearing up for an implosion of volatility, which could result in substantial price movement in either direction.

Related

A breakout from the triangle formation could indicate the beginning of a new bullish trend, while a breakdown would suggest further price depreciation. As the SHIB token approaches the apex of the triangle, traders and investors will be keeping a close eye on the market, anticipating the next major move.

It is worth noting that, despite the current calm market performance, the Shiba Inu ecosystem continues to evolve and expand. The project's developers are actively working on a variety of initiatives, which could potentially drive adoption and demand for the SHIB token in the future.

At press time, SHIB is trading at $0.00001 with no price change whatsoever.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement
Advertisement

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD