Shiba Inu price has increased by more than 43% in the past nine days, with increased on-chain activity fueling bullish sentiment.

In Shiba Inu News Today, Shiba Inu price has surged over the past week, leading to a broader market rally. For context, SHIB hit a 10-week high of $0.000019, up 21% in the last 24 hours.

Additionally, Shiba Inu has outperformed major meme coins over the past 24 hours and seven days. For example, SHIB is up 31.2% over the past week, while Dogwifhat, the second-best performing coin in the top 10 meme coins by market cap, is up 27.4%.

This analysis shows that Shiba Inu has performed exceptionally well against meme coins and altcoins. Notably, SHIB’s surging price is not the only metric that shows clear bullish momentum in the Shiba Inu ecosystem; on-chain activity has also seen a significant increase.

đŸ”„On-chain Activity SpikesđŸ”„

SHIB’s bullish momentum may be fueled by surging on-chain activity in the Shiba Inu ecosystem. According to Santiment data, Shiba Inu has increased by 43% in nine days. For context, SHIB’s trading volume, circulation, and whale activity spiked on September 26, driving the price up.

According to Santiment, SHIB trading volume spiked to 1.19 billion SHIB on Thursday as traders sought to capitalize on the meme coin’s rising price and appeal. Notably, trading volume for the dog-themed token last reached that high in July.

Furthermore, SHIB whale activity also spiked to its highest level in more than two months. On Thursday, around 27 transactions exceeding $1 million were made on the network. These indicate a resurgence of Shiba Inu whales amid surging prices.

Notably, the number of unique SHIBs transferred into the Shiba Inu ecosystem has also spiked. About 5.7 trillion SHIBs were in circulation yesterday, signaling increased network activity.

It is worth mentioning that these upward tractions are a product of the strong bullish sentiment surrounding the Shiba Inu ecosystem. Notable activities such as the integration of liquidity staking into the Shibarium network and the increase in the SHIB coin burn rate have contributed to the recent price surge.

According to a recent report by The Crypto Basic, the Shiba Inu added $3.3 billion to its market capitalization in just one day.

đŸ”„Analysis needs to be carefulđŸ”„

Santiment’s analysis points to the possibility of a local top amid a surge in on-chain activity. It notes that the significant price increase could lead to a fear of missing out (FOMO) sentiment among investors.

Notably, such sentiments lead to short-term price corrections as the market seeks to escape greedy traders – the analysis calls for waiting until the highly optimistic narrative subsides a bit.

Meanwhile, Santiment notes that SHIB’s next price move would be at $0.000043, the last time it did so was in February. This analysis is in line with a previous report that suggested a sustained rally would take SHIB to the Fibonacci level of $0.000035.

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