Gushiken Yona
Shiba Inu, the dog-themed cryptocurrency that emerged as a playful meme, has unleashed a ferocious rally, catapulting itself into the ranks of the top 10 cryptocurrencies by market capitalization.
This meteoric rise, marked by a staggering 169% surge to over 5 trillion SHIB tokens traded, has propelled SHIB to the 8th spot by 24-hour volume on CoinMarketCap, solidifying its position as a major player in the dynamic and growing crypto landscape.
On Wednesday, Shiba Inu experienced an extraordinary surge in daily transaction volume, reaching a staggering 5.354 trillion SHIB estimated to be valued at more than $132 million. This remarkable leap underlined a 169% increase from Tuesday’s volume, as per CryptoQuant’s data.
The impressive performance in transaction volume highlights the dynamic nature of the SHIB market, reflecting heightened activity from both retail investors and large-scale participants.
Interestingly, based on the latest data from CoinMarketCap, aside from occupying the tenth seat among large market-cap crypto assets, Shiba Inu experienced a meteoric rise in trading activity, securing the 8th position by 24-hour trading volume among the 10,058 cryptocurrencies listed on the platform. But what could be behind this surge in trading volume and what does it mean for Shiba inu holders?
CryptoQuant, a platform offering on-chain market intelligence and analytics for institutional and professional cryptocurrency investors, offered a snapshot on the total number of Shiba Inu (SHIB) tokens transferred over time, along with the corresponding price. The data, presented in a graph, highlighted the spike in token transfers in mid-May, reaching a peak of over 12 trillion tokens, suggesting a surge in trading activity or large transfers between wallets.
This aligned with the recent data from IntotheBlock, an AI-powered, programmable financial services platform, which revealed that on Monday, the number of transactions involving Shiba Inu totaled 6,390. Despite being a relatively low figure, the high transaction volume suggested significant whale activity.
On that day, transactions valued between $1,000 and $10 million surged to 2,605, a substantial increase from the 1,595 transactions recorded the previous day. This surge highlighted the critical role Shiba Inu whales played in driving transaction volume. Notably, large transactions involving at least $100,000 worth of Shiba Inu amounted to an impressive $91.04 million.
As of 6:25 a.m. ET on Thursday, Shiba Inu (SHIB) was trading in the red zone at $0.00002609. The daily trading volume saw a significant decline, dropping by 38.37% to $1,492,651,447. This price movement represents a 6.01% dip over the past 24 hours.
However, over the last seven days, SHIB experienced a 3.04% rise, and in the past 30 days, it surged by an impressive 11.37%. Despite the recent dip, these longer-term gains indicate a resilient upward trend for Shiba Inu.
The market cap of SHIB also saw a decrease, falling by 5.98% to $15,382,174,512. The circulating supply stands at 589,271,839,886,448 SHIB, according to data from CoinMarketCap.
Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice.
The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
