Benzinga - by Khyathi Dalal, Benzinga Staff Writer.
Shiba Inu (CRYPTO: SHIB), despite a flat weekly performance, is attracting bullish sentiment.
What Happened: The dog-themed meme coin is seeing an increase in whale transactions and significant trading volumes, according to U Today, citing IntoTheBlock data.
A spike of 3,220% in large holder net flows indicates that whales are either selling or accumulating the token.
In the past 24 hours, the volume of large transactions (greater than $10,000) stood at 9.94 trillion SHIB.
Shibburn data reflected a surge of 427.55% in the burn rate earlier in the day as 15.5 million tokens were destroyed. While the increase in burn rate came after a decently long time, currently burn rate is down 60%.
Meanwhile, crypto exchange CryptoCom aims to boost Shiba Inu’s popularity through the Google Play Store and Apple’s App Store. The exchange has modified the title of its mobile app to “Crypto.com – Buy BTC, SHIB” from the prior “CryptoCom—Buy BTC, ETH.” The exchange officially listed Shiba Inu in 2022.
A SHIB enthusiast, Leonidas reacted to this, saying, “The true power and raw unseen dominance is coming like nobody has ever seen before. Only the smart ones know.”
Also Read: Why Can't Dogecoin And Shiba Inu Keep Up With Other Meme Coins?
Why It Matters: Shiba Inu's monthly gains stand at 224.4%. That's still higher than the 100% rise of Dogecoin.
In the past 24 hours, Shiba Inu is trading down 2.5%, but with trading volumes maximized by 102.3% during the same period. This indicates high interest from traders and investors in the meme coin.
Google Trends search data indicates that Shiba Inu's interest spiked to 68 in the early morning hours. Meanwhile, Kaiko data shows that Shiba Inu witnessed the largest volumes of $31 billion last week, surpassing Doge’s volume of $23 billion. The weekly trade volume peaked at a multi-year high of around $80 billion.
Crypto analyst Javon Marks noted that Shiba Inu has surged 531% since then. He adds, “Prices can be set for even more growth!” He foresees a break and hold above $0.00008 will lead to another +90% upside to $0.0001553.
Since the attached and more original analysis, prices of $SHIB has shown MASSIVE STRENGTH, climbing approximately +531%, but these prices can be set for even more growth!With the breakout target still at $0.000081, prices of Shiba Inu could have another +147% move coming.
A… https://t.co/ZjA5onlnBO pic.twitter.com/YuUllePvbl
— JAVON�MARKS (@JavonTM1) March 13, 2024
Leading members on the meme coin board, Dogecoin and Shiba Inu, have experienced a roller-coaster ride in performance. However, analysts continue to remain optimistic about the token.
Now Read: 'Dogecoin Killer' Shiba Inu Witnesses 6.84M Tokens Shifted To Coinbase, Binance: Rep Touts Shiboshi As 'Passive Income For Life'
Image: Pixabay
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