• 13 July, 2024
Market News

What’s Driving the 700% Spike in Shiba Inu (SHIB) Transactions?

Shiba Inu (SHIB) has been making headlines recently, with its network experiencing a significant increase in transaction count by a whopping 700%. The spike has taken the number of transactions from around 5,000 to 36,700 in a short period, causing confusion among investors.

The sudden surge in transaction count has sparked speculations, with some attributing it to increased interest from retail investors, while others believe it could be due to a sudden influx of whale activity. However, complementing indicators like the burn rate show a lack of activity on the network, making it difficult to pinpoint the exact cause of the surge.

Despite the heightened network activity, the SHIB token’s price remains neutral, with no significant price action and no decrease either. At present, Shiba Inu’s volatility is low, and its trading pair is consolidating within a triangle formation. This could indicate an implosion of volatility, leading to significant price movement in either direction.

Traders and investors are closely monitoring the market as SHIB approaches the apex of the triangle formation. A breakout from the triangle formation could signal the beginning of a new bullish trend, while a breakdown would suggest further price depreciation.

At the time of writing, SHIB is trading for $0.00001096, representing a 24-hour increase of 4.23%. The total supply of SHIB is 589,609,030,854,561 SHIB, according to CoinMarketCap, and its trading volume in the past 24 hours is $332,701,282, representing a 30.81% rise. Currently ranked the 13th largest cryptocurrency by market capitalization, the RSI of Shiba Inu (SHIB) on a 1-day chart is at 45.99, showing a strong trend in the market.

Is MATIC on the Rise Again? Recent Trends Suggest a Bullish Divergence Read Previous

Is MATIC on the Rise Again? Recent Trends Suggest a Bullish Divergence

Bitcoin’s Trading Volume Fell To The Lowest Since July 2022 On Binance After Zero-fee Trading Removal Read Next

Bitcoin’s Trading Volume Fell To The Lowest Since July 2022 On Binance After Zero-fee Trading Removal