SHIB Price Now Surges As Whale Metric Shows Positive Trends

SHIB price now surges as whale metric shows positive trends as the SHIB token continues to quote the key price level of $0.00003.

The price of Shiba Inu (SHIB), a well-known meme-inspired cryptocurrency, has experienced a notable increase recently, reflecting a positive trend over the weekend.

In the past few hours alone, SHIB has surged by over 5%, indicating a strong bullish sentiment among investors.

This surge is particularly significant as the token consistently maintains a key price level of $0.00003, which has become a critical milestone for traders.

The fact that SHIB is holding above this price point suggests a lack of selling pressure, with many buyers expressing a willingness to purchase at these levels.

This bullish behavior is encouraging, as it sets the stage for potential further gains in the token’s value.

On-chain data reinforces this optimistic outlook.

Recent figures from IntoTheBlock reveal that net inflows of SHIB into the wallets of major holders have skyrocketed by 106.3% in just the last 24 hours, totaling approximately 708.93 billion tokens.

Over the weekend alone, these substantial holders, representing at least 0.1% of the circulating supply, accumulated over 1.136 trillion SHIB, valued at around $34.08 million.

Despite these encouraging signs, it’s important to note that overall activity in the market has shown some decline.

For instance, both the inflow and outflow of SHIB from whale wallets have decreased significantly over the past week, by 75.21% and 81.8% respectively.

This reduction suggests a temporary lull in trading activity, raising questions about how market dynamics will evolve as engagement picks up again.

Overall, while the current data presents a promising picture for Shiba Inu, market participants will be keenly observing how these trends develop in the coming days.

The impressive on-chain metrics indicate strong interest and potential for continued growth in the SHIB ecosystem.

For more Daily Crypto News and updates like this, join the newsletter or opt-in for push notifications.

Follow us on CoinMarketCap.

Also Read: Shiba Inu Sees A Surge In Popularity Now Welcoming 7,548 New Wallets

About The Author

Frank Nez

Frank Nez is an American journalist whose research has been cited by SEC and Congressional reports. Frank Nez has been featured by prominent outlets such as TheStreet and NewsBreak. ‘Daily Crypto News’ is now an official CoinMarketCap news source.

See author's posts