Shiba Inu registers a 0.65% decline in daily trading. See what it holds in store for future
Crypto news: In the volatile world of cryptocurrencies, Shiba Inu (SHIB) has been making headlines. The once-promising “Dogecoin Killer” has faced a significant setback, losing ground and slipping below the critical price level of $0.00001. Over the past 24 hours, Shiba Inu’s price has plummeted to $0.000009528. It had managed to stay above the $0.00001 benchmark for weeks, but the bears have taken control, pushing it into the abyss.
Shiba Inu price Surge
The current Shiba Inu (SHIB) price stands at $0.000009528, reflecting a slight decrease of 0.65% over the past 24 hours. This price action places the token’s market capitalization at $5.61 billion. SHIB has experienced a decline of 7.31%.
SHIB is an ERC-20 token that serves as the primary utility token within the Shiba ecosystem. This ecosystem includes three distinct tokens: SHIB, BONE, and LEASH. Users can engage with these tokens on the ShibaSwap decentralized exchange, where they can stake, swap, or provide liquidity to earn interest and rewards.
Shiba Inu is commonly viewed as a meme currency, akin to other dog-themed cryptocurrencies like Dogecoin. It has garnered a significant following, with over 1.2 million followers on Twitter. SHIB’s price volatility often attracts media attention, as it frequently experiences substantial gains and losses.
In terms of classification, Shiba Inu is categorized as a Currency under CoinDesk’s Digital Asset Classification Standard (DACS). This classification underscores its function as a medium of exchange within the Shiba ecosystem and the broader cryptocurrency market.
SHIB On-Chain Activity Skyrockets by 340%
Shiba Inu (SHIB) has experienced a significant surge in on-chain activity, soaring by an impressive 340%. This surge, first reported by IntoTheBlock, is accompanied by a notable increase in large transactions over the past 24 hours.
This development comes at a pivotal moment for SHIB, as the meme coin aims to surpass the $0.00001 mark. Currently trading below this threshold, SHIB has seen a slight decline of over 1% in the last 24 hours, according to CoinMarketCap.
Despite a relatively lackluster performance in the overall digital asset market in 2024, SHIB’s on-chain activity surge is a notable outlier. Data reveals a surge in volume from 1.28 trillion SHIB tokens to 4.35 trillion, translating to an increase in value from $12.15 million to over $41 million.
IntoTheBlock’s analysis indicates that 34 transactions exceeded the $100,000 mark, suggesting increased participation from a diverse range of investors. While this surge in activity bodes well for SHIB’s ambitions to eliminate a zero from its price, the current trading level sits at $0.0000094.
Nonetheless, the growing on-chain activity provides hope for SHIB to establish critical support levels, potentially setting the stage for further price appreciation.
Shiba Inu Whales Drive Massive Inflows
Shiba Inu, the popular dog-themed cryptocurrency, has recently seen a substantial increase in whale activity. Data from IntoTheBlock reveals a remarkable 2,595% surge in large holder inflows. In just 7 days, the crypto price inflows surged from 275.2 billion SHIB to an impressive 2.31 trillion SHIB.
Notably, around February 8 and 9, Shiba Inu experienced another surge, with large holder inflows rising from 1.4 trillion SHIB to 2.31 trillion SHIB. These significant increases indicate a notable shift in investor sentiment towards SHIB, attracting the attention of the wider cryptocurrency market.
The surge in whale activity within the Shiba Inu ecosystem has prompted market observers and investors to closely monitor the token. They are seeking insights into the factors driving these substantial movements by large holders. Lucie, Shiba Inu’s marketing lead and influencer, has also expressed a bullish outlook for the cryptocurrency. In a post on X (formerly Twitter), she suggested that Shiba Inu could be one of the major altcoins to benefit from the 2024 bull run.
Join our WhatsApp and Telegram Community to Get Regular Top Tech Updates
