Shiba Inu has risen by over 43% in the past nine days, driven by a surge in on-chain activities that has sparked bullish sentiment.
According to recent Shiba Inu news from TheCryptoBasic, SHIB has experienced significant growth in the past week, reaching a 10-week high of $0.000019, with a 21% increase in just 24 hours. This growth has allowed Shiba Inu to outperform other meme coins in both the past 24 hours and the last week. Over the past week, SHIB has surged by 31.2%, while Dogewhifhat, the second-best performer among the top 10 meme coins by market cap, increased by 27.4%.
The surge in Shiba Inu's price is accompanied by a substantial increase in on-chain activities within the ecosystem, which has contributed to the current bullish momentum.
On-Chain Activities Surge
The rise in Shiba Inu's price may be attributed to an increase in on-chain activities within the ecosystem. Data from Santiment reveals that Shiba Inu has climbed 43% in nine days, with trading volume, circulation, and whale activities spiking on September 26, driving the price increase.
SHIB trading volume reached 1.19 billion SHIB last Thursday, as traders sought to capitalize on the growing price and interest in the meme coin. This trading volume level was last seen in July. Additionally, whale activities also spiked, with 27 transactions exceeding $1 million taking place on the network, indicating renewed interest from large holders.
Moreover, the amount of unique SHIB transferred in the ecosystem also surged, with approximately 5.7 trillion SHIB in circulation yesterday, demonstrating increased network activity.
The recent traction is partly a result of growing bullish sentiment around Shiba Inu. Contributing factors include the integration of liquid staking on the Shibarium network and an increase in the SHIB burn rate. Recently, Shiba Inu added $3.3 billion to its market cap in just one day, according to a report from The Crypto Basic.
**Caution Amid the Bullish Run**
Santiment's analysis suggests caution, as the substantial price rise might create fear of missing out (FOMO) among investors. Such sentiment could lead to short-term price corrections as the market looks to stabilize and eliminate overly greedy traders. The analysis advises waiting for the current bullish narrative to cool off slightly.
Santiment also highlighted that the next major target for SHIB is the $0.000043 price level, which was last reached in February. This aligns with an earlier prediction that a continued bullish run could lead SHIB to the Fibonacci level at $0.000035.
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