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Shiba Inu Price Surges Amid Positive On-Chain Data
According to U.Today, the price of the meme-inspired cryptocurrency Shiba Inu (SHIB) has experienced a notable increase, rising over 5% in recent hours. This upward movement has allowed SHIB to maintain its position above the significant price level of $0.00003. This stability suggests a bullish sentiment in the market, as there appears to be a lack of sellers at this price point and a strong interest from buyers. This behavior indicates potential for further price appreciation for the cryptocurrency.
In addition to the price movement, on-chain data for Shiba Inu also presents a positive outlook. Data from IntoTheBlock reveals that the net flow of SHIB into the wallets of major holders has surged by 106.3%, amounting to 708.93 billion tokens in the past 24 hours. Over the weekend, holders with at least 0.1% of the circulating supply added more than 1.136 trillion SHIB, equivalent to approximately $34.08 million. This increase in holdings by major investors underscores the growing interest and confidence in the token.
Despite this recent activity, the overall inflow and outflow of SHIB from whale wallets have decreased over the past week, with volumes dropping by 75.21% and 81.8%, respectively. This decline in trading volume suggests a temporary lull in market engagement, but the impressive on-chain numbers indicate that the Shiba Inu token remains a significant player in the cryptocurrency market. As market activity resumes, it will be interesting to observe how these dynamics evolve and impact the token's performance.
In addition to the price movement, on-chain data for Shiba Inu also presents a positive outlook. Data from IntoTheBlock reveals that the net flow of SHIB into the wallets of major holders has surged by 106.3%, amounting to 708.93 billion tokens in the past 24 hours. Over the weekend, holders with at least 0.1% of the circulating supply added more than 1.136 trillion SHIB, equivalent to approximately $34.08 million. This increase in holdings by major investors underscores the growing interest and confidence in the token.
Despite this recent activity, the overall inflow and outflow of SHIB from whale wallets have decreased over the past week, with volumes dropping by 75.21% and 81.8%, respectively. This decline in trading volume suggests a temporary lull in market engagement, but the impressive on-chain numbers indicate that the Shiba Inu token remains a significant player in the cryptocurrency market. As market activity resumes, it will be interesting to observe how these dynamics evolve and impact the token's performance.
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