Shiba Inu: A Massive Surge in Transaction Volume Sparks Optimism
In recent days, Shiba Inu has experienced a notable surge in large transaction volumes, signaling a promising future for this popular meme-based cryptocurrency. This uptick suggests a renewed interest among major investors, often referred to as “whales,” which could drive the Shiba Inu price upward.
Shiba Inu Transaction Volumes Soar by Over 150% in Just Four Days
According to data from IntoTheBlock, Shiba Inu’s large transaction volumes saw an impressive increase of more than 150% between March 2nd and March 5th. Starting at $17.28 million on March 2nd, these transactions escalated to an impressive $39.84 million by March 5th, marking a peak for the week.
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This resurgence is a positive indicator, reflecting the return of SHIB whales. Previously, these investors had stepped back amid a market slump, but their renewed activity suggests a growing confidence in Shiba Inu’s potential. Additionally, the ‘Concentration’ metric from IntoTheBlock shows a bullish trend, as these investors are accumulating more SHIB tokens. Historically, increased whale activity often precedes a significant price surge for Shiba Inu.
An essential milestone for Shiba Inu would be to surpass the psychological barrier of $0.00002. Achieving this would reaffirm the continuation of its bull run. However, it’s important to note that other on-chain metrics, such as net network growth, must turn positive to sustain any upward momentum in the meme coin’s price.
Potential Future Rally: SHIB Could Reach $0.0004
In a recent social media post, prominent crypto analyst Crypto ELITES suggested that Shiba Inu’s price could potentially climb as high as $0.000472905. The analyst identified three key price targets for SHIB: $0.000085171, $0.000183312, and the ambitious $0.000472905. According to Crypto ELITES, the technical indicators for Shiba Inu remain favorable, and as Bitcoin’s dominance wanes, SHIB is expected to gain prominence.
Furthermore, crypto analyst Javon Marks has also been optimistic about Shiba Inu’s prospects. He anticipates a potential 400% surge, predicting a price rally to $0.000081. Marks noted that SHIB has maintained its breakout momentum, initially observed between late 2022 and early 2023. Reaching this target could pave the way for Shiba Inu to challenge its previous all-time high (ATH) or even set a new record.
At present, Shiba Inu is trading at approximately $0.00001361, reflecting a 4% increase over the past 24 hours, as reported by CoinMarketCap.
