SHIB might be heading for one of its strongest weeks of the year, buoyed by renewed optimism in the crypto market as well as that of the Shiba Inu ecosystem.
During the week, crypto investors shrugged off comments from central bankers that pointed to higher interest rates and rather focused on the prospects of BlackRock filing a Bitcoin ETF.
Shiba Inu soared to highs of $0.00000846 during the week, leaving it on course for a 10.96% weekly gain, according to trading view data, the most for such a time span since January.
Shiba Inu remains on course to achieve its second green week in June. That said, Shiba Inu is gearing up for its 10th straight day of gains since June 15 if a positive close is achieved today.
Shiba Inu began the rise from lows of $0.00000649 after confirming oversold conditions. The rise culminated in highs of $0.00000846 on June 22, but Shiba Inu continues to sustain in green, on track for its 10th day of gains.
The Shiba Inu community is cheering this remarkable feat, and Shiba ecosystem official Lucie is excited about the potential of a bull run for SHIB.
At the time of writing, SHIB was up 2.28% in the last 24 hours to $0.000008.
Moves by large holders have often been seen to impact SHIB's price. According to IntoTheBlock, the week starting June 19 saw an enormous 7.44 trillion SHIB in large transaction volume.
On-chain analytics firm IntoTheBlock estimates the large transaction volume of Shiba Inu in the last 24 hours to be 767.35 billion SHIB.
Large transactions, according to IntoTheBlock, are those above $100,000, and a spike in this metric is typically related to increased activity by whales or large holders, who are either buying or selling.