The Surge of Shiba Inu: Whale Activities and Price
The second-largest meme coin, Shiba Inu (SHIB), has recently experienced a significant surge in price, making it the top gainer among the leading 100 cryptocurrencies. Here are the key points to note:
– SHIB’s recent rallies have been driven by high whale activities and transactions over the past week, according to Santiment data.
– The 24-hour trading volume of Shiba Inu has also skyrocketed by 53% in just one day, reaching $380 million.
– Whale transactions involving at least $100,000 worth of SHIB have seen a sudden increase from 46 on Aug. 4 to 152 on Aug. 5. Currently, it stands at 64.
– Transactions involving at least $1 million worth of the meme coin have also risen from one on Aug. 6 to nine on Aug. 7. Currently, there have been three such trades.
– While Shiba Inu’s social volume experienced a surge when it broke the $0.00001 mark on Aug. 5, it has been on a downward trend since Aug. 6.
Shiba Inu is currently trading at $0.0000098 with a 9.3% increase in the past 24 hours. Its market capitalization stands at $5.79 billion, allowing it to regain the 14th rank among the top cryptocurrencies. Notably, the developers have hinted at launching the Shibarium ecosystem, adding to SHIB’s potential for further growth.
Hot Take
The recent surge in Shiba Inu’s price and whale activities indicates a growing interest in the meme coin. While there is excitement around its potential, it’s important to stay informed and keep track of the market trends. Shiba Inu’s position among the top cryptocurrencies might continue to fluctuate, influenced by various factors such as whale transactions and social volume. It will be interesting to see how the upcoming launch of the Shibarium ecosystem will further impact SHIB’s growth.
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