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

Fri, 03/31/2023 - 10:30
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Arman Shirinyan
Shiba Inu sees 700% spike in number of transactions, here's what could contribute to it
Shiba Inu (SHIB) Saw 700% Increase in Transactions Number: What's Happening?
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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.

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.

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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.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.