Shiba Inu SHIB/USD has found its groove again with a 6% price increase in Thursday’s trading, alongside an increase in daily transactions and large holder net flow.
What Happened: Shibariumscan data highlights a spike of 46% in daily transactions to 7.24K in a single day. Amid the price spike, the surge in daily transactions may act as a potential catalyst for further price movements. It also shows new contracts increasing from 5 to 16 over the past two days.
On-chain data analyst The Data Nerd revealed the movement of around 184 billion SHIB by three fresh wallets withdrawing from Binance and Coinbase. The tokens are estimated to be worth $4.9 million.These wallets have no prior transaction histories.
Social intelligence company LunarCrush shows data “signaling bullish” for SHIB, led by increasing social activity, rising price action, expanding trading volume and a “very strong LunarCrush AltRank” of 2.
Also Read: Shiba Inu Outshines Bitcoin In India Amid Meme Coin Frenzy On Premier Domestic Platform
Why It Matters: Shiba Inu is up 6% over the past 24 hours, taking its price closer to the $0.00003 mark. However, trading volume is down 18.3%.
U.Today reported, citing IntoTheBlock data, an increase of 1,058% in large holder net flow, indicating bullish momentum amid rising buying activity by whales. This could be driven by a recent drop in Shiba Inu's price, which is down 14% on the week.
What’s Next: The influence of meme coins and Bitcoin as an institutional asset class are topics expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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