As a seasoned researcher with years of experience in the dynamic world of cryptocurrencies, I find it fascinating to witness the rollercoaster ride that Shiba Inu (SHIB) is currently on. The coin’s resilience and its ability to bounce back after every dip are reminiscent of a well-trained Shiba Inu pup – always ready for the next adventure.
The meme coin ranked second after Shiba Inu, namely, has maintained its position as funds moved out of centralized trading platforms and large investor actions grew more frequent.
As an analyst, I’m observing a significant surge in the value of Shiba Inu (SHIB), which has reached approximately $0.000018. This upward trend has translated into a substantial 26.4% increase over the past seven days. Moreover, this growth has elevated its market capitalization to exceed an impressive $10.8 billion.
The power it exhibits is similar to other popular meme tokens such as Mog Coin, Pepe, and Dogwifhat, all of which have surged more than 30% within the past week.
Data on the blockchain indicates that Shibarium’s network has largely rolled back the progress made over the past week. As per Shibariumscan, the typical transaction fee in Shibarium has plummeted to 0.0025 BONE, a significant decrease from its peak of 0.054 BONE last week.
New information indicates that daily increases are lessening, however, the total Shibarium accounts have reached an all-time peak of 126,750. There were only 470 new accounts created in the past week, which is a significant decrease from the 3,200 added in the previous month.
In Shibarium’s ecosystem, a part of the generated BONE tokens gets transformed into SHIB and destroyed, which is significant for Shiba Inu as it reduces the total supply of SHIB in circulation.
From my perspective as an analyst, it appears that investor sentiment towards Shiba Inu is quite optimistic. Recent data from Nansen indicates a continued outflow of SHIB tokens from centralized exchanges (CEX), amounting to over $2.7 million in the last 24 hours alone. This trend has led to a decrease of approximately 0.3% in the total SHIB tokens held on exchanges over the past week, which currently stands at over 254.2 trillion, equivalent to around $4.5 billion.
As a researcher, I frequently observe the movement of coins away from centralized exchanges as a promising sign, implying that investors are taking control of their assets through self-custody.
Currently, data from Santiment indicates an uptick in large investor involvement with Shiba Inu, as many have taken advantage of price drops to buy more. Similarly active are Injective, Wrapped Bitcoin, and Maker DAO tokens.
Among cryptocurrencies that have a market cap of at least $2 billion, the following projects are experiencing significant increases in whale activity compared to last week:
— Santiment (@santimentfeed) September 30, 2024
Shiba Inu steady above key moving averages
Last week, Shiba Inu regained momentum, hitting a significant peak of approximately $0.000025 – a height not seen in several months. However, as the recent cryptocurrency surge started to dwindle, it dipped below, touching the crucial support point at around $0.000020 (which was its highest daily swing on July 17). Additionally, Shiba Inu dipped even further, falling below the 61.8% retracement level.
Despite dipping earlier, the price has consistently stayed above both its 50-day and 200-day moving averages, hinting that the current upward trend might continue. If the coin manages to surge and transform its previous resistance at $0.000020 into a new support level, it would confirm further price growth ahead.
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2024-10-01 16:04