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

News
Fri, 03/31/2023 - 10:30
Cover image via stock.adobe.com
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.

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.

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
SHIB The Metaverse Takes Action to Promote Gender Diversity in Crypto and Blockchain

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.