Shiba Inu (SHIB) Sees Surge in Exchange Volume and On-Chain Activity
During this week’s crypto bull run, Shiba Inu (SHIB) experienced a significant increase in exchange volume, reaching $267 million in the last 24 hours. Additionally, the on-chain activity of Shiba Inu saw a surge, with over $50 million worth of SHIB being moved in cryptocurrency wallet addresses during the same period.
This rally led to a substantial growth in SHIB’s market cap, adding nearly $300 million from October 23 to October 24. The increased volume accounted for 89% of the capitalization growth, indicating a bullish trend driven by a ‘fear of missing out’ (FOMO) sentiment.
To monitor SHIB transactions exceeding $500,000, Finbold utilized the SpotOnChain platform’s whale alerts. Within a day, these whales transacted $48.553 million worth of Shiba Inu tokens in 15 spotted transactions, totaling over 6.40 trillion SHIB. Notable participants included Binance, Kucoin, Wintermute Trading, Robinhood, BTC Turk, and several unidentified addresses.
SHIB Price Analysis
As of now, SHIB is trading at $0.000007514. Over the past 24 hours, it has seen a price gain of 4.4%, while experiencing gains of 8.5% over the course of a week and 2% over the last 30 days. These positive developments come after a challenging month for Shiba Inu holders.
Another noteworthy indicator is the Bid-Ask Volume Imbalance provided by IntoTheBlock. This signal reveals that there is 7.34% more capital in buy orders than sell orders for SHIB on the leading markets, suggesting a bullish sentiment for Shiba Inu.
However, it is important for crypto traders and investors to exercise caution when FOMO dominates the overall sentiment. During euphoric moments, retail investors can easily be trapped into purchasing assets at inflated prices. Therefore, value investors should carefully assess Shiba Inu’s fundamentals and evaluate the demand for the token before making any investment decisions. Currently, 85% of SHIB holders are still in a position of unrealized losses.
Hot Take: Shiba Inu Surges in Volume and Market Cap Amidst Crypto Bull Run
Shiba Inu (SHIB) has experienced a remarkable increase in exchange volume and on-chain activity during the recent crypto bull run. With $267 million exchanged in the last 24 hours and over $50 million worth of SHIB moved in wallet addresses, this surge signifies a bullish trend driven by FOMO. The rally has also contributed to a significant growth in SHIB’s market cap.
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