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The Shiba Inu ecosystem is buzzing with renewed excitement as whale activities are rising and daily transactions are surging to new levels. Amid SHIB’s price stagnation over the past few years, these developments could propel the cryptocurrency’s value to new highs.
Shiba Inu Whale Activity On The Rise
Popular doggy-themed cryptocurrency SHIB has recently experienced a massive rise in whale inflows. According to data released by crypto market intelligence platform IntoTheBlock, Shiba Inu experienced a surge of 2,595% in large holder inflows.
The cryptocurrency witnessed a substantial surge between Wednesday, February 7, and Friday, February 9, resulting in an impressive spike in inflows from 275.2 billion SHIB to a staggering 2.31 trillion SHIB.
Additionally, around Thursday, February 8, and February 9, the Shiba Inu cryptocurrency witnessed another surge, as large holder inflows rose from 1.4 trillion SHIB to 2.31 trillion SHIB.
These large gains have marked a notable shift in investor sentiment regarding SHIB, effectively capturing the attention of the broader cryptocurrency market. Lately, there has been an evident increase in whale activities within the Shiba Inu ecosystem. This has led market watchers and investors to closely monitor the token, seeking insights into factors driving these significant whale movements.
Shiba Inu’s marketing lead and influencer, Lucie, has also projected a bullish outlook for the company. According to her post on X (formerly Twitter), Shiba Inu could be one of the major altcoins taking advantage of the 2024 bull run.
She explained that when the bull market phase starts and capital pours into prominent cryptocurrencies like Bitcoin and other major altcoins, the momentum will likely extend into Shibarium, potentially triggering a price surge for SHIB.
SHIB Sets Course For Potential Price Surge
In addition to the rise in whale activities, SHIB has experienced a notable increase in daily transactions and new active users. Data from ShibariumScan reveals a surge in daily transactions from 526,090 on February 9 to 2.04 million on February 11. At the time of writing, daily transactions have dropped slightly, standing at 1.88 million.
The surge in large investor purchases and daily transactions could indicate a possible spike in the price of Shiba Inu soon. Usually, a rise in transactional volume signifies an increase in investor interest and adoption of a cryptocurrency, which further contributes to increased demand and potentially impacts market sentiment.
According to CoinMarketCap, the price of SHIB is currently at $0.0000095, reflecting an impressive 2.76% gain in the past 24 hours. Crypto previously struggled to keep up with the pace of bullish trends in the crypto market.
However, with recent positive developments fueling market sentiment, Shiba Inu may be poised to experience an exponential surge if it can break through key limitations and price resistance.
Cover image from Dall-E, chart from Tradingview
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
