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.
Shiba Inu (SHIB) is seeing the reversal of most of the gains it accrued last week as the general market momentum is turning partly bearish. At the time of writing, Shiba Inu is changing hands at a price of $0.000007252 after shedding 1.04% of its gains in a major display of resilience compared to other altcoins.
Arman ShirinyanWhile its major price metric appears to be bearish, Shiba Inu has a promising outlook as concerns the activities of the whales within the ecosystem. The whale activity is currently up by 48%, according to data from crypto analytics platform IntoTheBlock (ITB). Per the exact data shared, the total number of large transactions recorded on the Shiba Inu protocol surged from 11 on Sept. 9 to 31 at the time of writing.
This large transaction is defined as those involving at least a monetary value of $100,000. For the 31 whale transactions, a cumulative sum of $10.96 million was notably moved. This significant jump has also contributed to the growth in the overall trading volume of the meme coin ecosystem, as measured by CoinMarketCap.
Per the current data, the trading volume has jumped as high as 22.78%, with a volume worth $72.6 million exchanging hands overnight.
Tomiwabold OlajideSHIB fundamental essentials
In a bid to revive its growth trends, Shiba Inu buyers may have to capitalize on the observable growth triggers, such as whale and retail buyers, as well as the growing metrics on the Shibarium protocol.
With growth in the total transactions on Shibarium as well as a surge in total wallet addresses, Shiba Inu adoption appears to be integrated on all fronts. With this embrace, we might expect to see increased demand that can ultimately fuel a revival in SHIB's price in the short to long run.
Alex Dovbnya
Vladislav Sopov
Dan Burgin