Shiba Inu Spikes 516% In Daily Transactions, 220% For Whales: Trader Says 'SHIB History Repeats Itself'

Author: Khyathi Dalal | March 26, 2024 03:32pm

‘Dogecoin Killer' Shiba Inu (CRYPTO: SHIB) is demonstrating resilience with a 1% gain amid a notable surge in its daily transactions and whale activities.

The Shib community and analysts anticipate positive momentum for the token.

What Happened: The meme coin leaderboard continues to show strength with a 5% increase in market capitalization over the past 24 hours, with Dogecoin and Shiba Inu leading the pack.

However, Shiba Inu’s key metrics have until recently shown a downtrend. Here are the recent highlights indicating the token’s resurgence:

• Shibariumscan shows transactions have surged to 412,270 as of March 25, compared to 66,880 on March 24. This marks the first time transactions have surpassed the 100,000 level since March 17.
• IntoTheBlock data shows a significant 220.6% increase in whale transaction volume, reaching $141.7 million. Additionally, daily active addresses have risen by 11.4% to 7,800.
• DeFiLlama data indicates that Shiba Inu’s total value locked has reached a new all-time high of $3.77 million. This surge can be attributed to the launch of the DAMN meme coin on WoofSwap on March 18.

Also Read: Shiba Inu May Have ‘Another 147%’ Upside Coming, Analyst Says As $31B Trading Volumes Overshadow Dogecoin

Join Benzinga’s Future of Digital Assets conference, scheduled for Nov. 19, will bring industry leaders and investors together to discuss the future of digital asset investments.

Why It Matters: Bitcoin.com.au, a major Australian exchange and one of the oldest digital asset trading platforms, has listed Shiba Inu on its platform. The exchange serves approximately 300,000 customers across Australia.

Lucie, the marketing lead of Shiba Inu, tweeted that Shiba Inu is the second-most googled cryptocurrency in Europe, second only to Bitcoin.

In an encouraging and optimistic post, Lucie emphasized that Shiba Inu is in a strong position, urging the community to build and hold: “we’re going to make it anyway because there is no end until we say it’s the end. Failure is not an option.”

Crypto trader Rekt Capital tweeted:

$SHIB

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Slowly, #SHIB history is repeating itself#ShibaInu #Crypto #BTC https://t.co/guQwZCg9bo pic.twitter.com/eJcTqZjUfV

— Rekt Capital (@rektcapital) March 26, 2024

As the meme coin sector enters the super cycle phase, it’s crucial for traders to assess the best cryptocurrency exchange options and strategies for buying these cryptocurrencies.

Join industry titans like Tim Draper and Jan Van Eck at Benzinga’s Future of Digital Assets conference on Nov. 19.

Read Next: ‘Dogecoin Killer’ Shiba Inu Up 5% On Whale Acquisitions, Rising Short-Term Hodlers, Community Expects ‘Much Wows Incoming’

Image: Shutterstock

Posted In: $SHIB