Shiba Inu (SHIB) has experienced a significant growth in trading volume. With the influence of the recent crypto bull run, the volume has increased by 90% in the past 24 hours, reaching $267 million. The activity of Shiba Inu has also increased, which has been influenced by the movement of over $50 million in SHIB.
SHIB Whale Movements
The increase in cryptocurrencies has led to a $300 million increase in SHIB’s market value from October 23 to October 24. The reflection of the increased volume shows that 89% of the volume increase is dominated by the upward trend and the fear of missing out (FOMO). As for the activities specific to altcoins, data from the SpotOnChain platform filtered whale movements for SHIB transactions exceeding $500,000.
Another notable point is the transfer of Shiba Inu tokens worth $48.553 million in a single day by whales. In 15 identified transactions, over 6.40 trillion SHIB was traded. The exchanges where whale transactions took place included Binance, Kucoin, Wintermute Trading, Robinhood, BTC Turk, and several different addresses.
SHIB Price Analysis
As of the time of writing, SHIB was trading at $0.00000741. This price movement reflects a slight decline of 1.2% after the potential rejection news of the ETF following the price increase in Shiba Inu.
Furthermore, the Alım-Satım Hacmi Dengesizliği (Buy-Sell Volume Imbalance) indicator by IntoTheBlock did not go unnoticed by investors. According to these exchange signals, there is 7.34% more capital in buy orders for SHIB compared to sell orders. This situation can be interpreted as a bullish signal for Shiba Inu.
In addition, cryptocurrency traders and investors should carefully follow the general sensitivity and not be influenced by FOMO. During periods of increased FOMO, individual investors may fall into the trap of buying at higher prices for a specific investment asset.
Furthermore, individuals interested in investing should carefully examine the fundamentals of Shiba Inu and monitor price ranges for deciding whether to enter or not. As of the time of writing, 85% of SHIB holders were already trading at a loss, demonstrating their confidence in holding unrealized losses in SHIB.
