Benzinga - Shiba Inu (CRYPTO: SHIB) has seen a jump of 11% in its past 7-day trading while monthly gains stand at 6.7%. In the past 24 hours, the trading volume of the token has surged 106.6% while single-day trade gains are at 6.8% at the time of writing, taking it to the highest levels since the end of August.
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U.Today reported that based on technical analysis, Shiba Inu is indicating a potential upswing in the market marking a bullish flag recently spotted on its chart.
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What Happened: The memecoin market has recently witnessed significant interest from whale investor activity. Shiba Inu witnessed whale activity movement while Pepe (CRYPTO: PEPE) (+78% in the past 7 days) and Floki (CRYPTO: FLOKI) (+86% in the past 7 days) have seen an uptick in their prices.
IntoTheBlock data reported by Binance suggested a significant increase in whale transactions this week as it touched $274 million. In the past three months, Shiba Inu whales reported $300 million worth of Shiba Inu tokens indicating a bullish sentiment on the memecoin. However, only 17% of Shia Inu holders are profitable, 79% (1 million addresses) are in loss and 4% are at a break-even point.
Meanwhile, Shibarium peaked at 3.5 million transactions in just two months since its inception, led by a 493% jump in transactions to 62,570 in the past 24 hours. This marks the highest gain since September. Another token in the Shibarium space, Bone (CRYPTO: BONE) also surged to a 15% price hike this week with the week closing at 5% gains.
The latest burn transactions from Shibburn indicate that despite the current price consolidation, the burn rate surged 323% with 68.1 million Shiba Inu tokens being sent to dead wallets.
Also Read: Shiba Inu Rides Bitcoin's $34K Wave, SHIB Burn Rate Rockets 600% Amid Market Frenzy
Why It Matters: An early Bitcoin adopter who once predicted significant gains for the token, Davinci Jeremie indicated in early 2023 investors should still focus on Shiba Inu. His tweet had come on the heels of a user who asked for an altcoin worth buying.
Yesterday, Lucie, the official marketing expert of the Shiba Inu team, took to X to contact the CEO of major crypto exchange Crypto.com and asked if they could integrate support for the Shibarium blockchain. The tweet added that it would be a “fantastic addition to the platform.”
Benzinga’s Future of Digital Assets conference is scheduled in New York on Nov.14. Attend and learn more about meme coins and the recent investor attention that it is gaining. The gathering is seen as pivotal for the digital assets community. The event will spotlight the latest trends, innovations, and challenges in the digital asset realm.
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