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As far as Shiba Inu (SHIB) is concerned at the moment, the odds are not in its favor. The meme coin is changing hands for $0.000009917, down by 2.17% as it gave up the gains that recently helped it remove one of its numerous zeroes. With this gloom, only the whale transactions reflected by IntoTheBlock gave hints of hope to Shiba Inu investors.
Arman ShirinyanAccording to the crypto data analytics platform, Shiba Inu saw its total transaction volume in dollars hit $11.3 million as of Dec. 13. For reference, large transactions include those whose dollar value is pegged at $100,000 or more. Rather than abating, SHIB whales pulled off almost double the volume on Dec. 14 as the overall transaction value soared to $23.33 million.
There is also a visible uptick in the exact number of these whale transactions. Notably, the total transactions recorded on Dec. 13 came in at 44, ultimately jumping to 83 as of Dec. 14. The uptick over these two days is significant as it shows that whale action is devoid of general market momentum.
The complementary 8.11% jump in overall trading volume to $208,251,827 underscores a hidden trend that might play a key role in stirring the revival of Shiba Inu.
Tomiwabold OlajideSHIB Volatility: Boom or burst
Thus far, Shiba Inu has not been able to turn its volatility into a positively sustained boom for its HODLers. Though the token remains the second largest meme coin by market capitalization with robust exchange support, it has still fared poorly when compared to other meme coins operating in the industry.
While on-chain metrics are promising, Shiba Inu’s fundamentals, anchoring on the prospects of Shibarium and current deflationary tendencies, are also worth relying on for a relatively brighter future moving ahead.
Arman Shirinyan
Alex Dovbnya
Dan Burgin
U.Today Editorial Team
Vladislav Sopov