Shiba Inu views the huge spike in transactions as the lone encouraging indicator among the bullish consolidation.
The presence of whales in its habitat appears to be driving Shiba Inu’s (SHIB) current bullish trajectory. According to CoinMarketCap data, the price of Shiba Inu is currently $0.000007877, up 1.66% over the last day. The meme coin has recovered some of its weekly losses thanks to this slight increase; as of this writing, its growth rate is estimated to be 1.07%.
As a complex protocol, a number of measures are currently being used in tandem to map the SHIB renaissance, with the largest being the increase of big transactions on the network. With $45.42 million in recorded volume, SHIB’s large transactions have increased by 41.45% in the last day, according to crypto analytics service provider IntoTheBlock (ITB).
Large transactions are by definition those worth $100,000 or more, and the data shows that this amount increased from 4.09 trillion SHIB on November 2 to the current 5.81 trillion SHIB. This increase highlights the appeal of Shiba Inu as a system that has promising futures as a utility token and asset for investments.
Read Also: LUNA and CEEK Coin Price Analysis: What’s Next in 2023 and BeyondWe can credit this push for the initial spark, given the ITB data now shows the whale transactions as the only positive statistic.
Shiba Inu to keep growing?
Given the 30% decline in trade volume that is hiding the modest upswing, SHIB’s growth is currently in jeopardy.
But a closer look at the macroeconomic factors influencing the market, such as the perception of the SEC’s possible approval of a Bitcoin spot ETF, might have a particular effect on SHIB. The anticipation of additional Shibarium products and solutions, as hinted at the head developer Shytoshi Kusama, further highlights the amount of demand SHIB is expected to create this month. SHIB seems to be on course to publish its first positive November in three years with these encouraging triggers.