- Shiba Inu has surged 43% in the last nine days, reaching a 10-week high of $0.000019.
- Increased trading volume, whale activity, and on-chain transactions have fueled the bullish run.
Shiba Inu (SHIB) has experienced a substantial surge over the past nine days, driven by increased on-chain activities that have fueled bullish sentiment in the market. The meme coin has hit the 10-week high, crossing other popular meme coins and attracting the attention of traders and investors.
The price of Shiba Inu has been on an upward trend, rising by 43% in the past nine days and by 23% within the last day. The rise pushed SHIB to $0.000019, its highest level in ten weeks, which underlined the token’s impressive performance in the meme coin sector.
For instance, SHIB rose within a week, while the second-best performer among the top 10 meme coins by market cap, Doge (DOGE), rose by 27.4%.
The recent price hike has also played a role in a more extensive bull run in the crypto market. Another driving force is the increased trading volume and other on-chain metrics, which suggest that investors are indeed paying attention. As reported by Santiment, trading volumes for SHIB surged to 1.19 billion SHIB on September 26, with traders seeking to profit from the rising trend.
Shiba Inu has surged +43% in the past 9 days with on-chain activity notably surging compared to altcoin alternatives and other meme coins. In addition to volume, circulation, and whale transactions spiking to 10-week highs, social dominance is up as well. This indicates that… pic.twitter.com/w13pdr4r7K
— Santiment (@santimentfeed) September 26, 2024
Whale Activity Spikes with Million-Dollar Transactions Increasing
Moreover, trading volume has largely surged, as have whale activities within the Shiba Inu ecosystem. On September 26 and 27, transactions on the SHIB network above $1 million were noted for the second time in two months. This rise in high-value transactions indicates that large investors, commonly known as ‘whales,’ are involved in the present market rally and are providing more steam to the price of SHIB.
In addition, the amount of distinctive SHIB tokens traded through the platform has increased as the total SHIB in circulation reached about 5.7 trillion on September 26. The uptick in activity within the Shiba Inu network, driven by rising market interest and continuous advancements, likely boosted the rise in circulation.
Other factors that have boosted the positive outlook include the integration of liquid staking into the Shibarium network and a higher SHIB burn rate. In a single day, the Shiba Inu ecosystem has added $3.3 billion to its market capitalization, proving that the project is advancing at breakneck speeds and attracting investment.
Experts Warn of Potential FOMO and Short-Term Price Fluctuations
Although the price of SHIB and its on-chain transactions have recently risen significantly, experts have warned investors against getting too excited. Santiment’s analysis indicates that the current surge in SHIB’s price may result in the FOMO sentiment among investors, which could lead to short-term fluctuations in the price of SHIB as the market finds its range.
However, there are still many problems in the market today, although the market continues to grow strongly. Demands for Shiba Inu to hit $1 would mean an unprecedented increase in trading volume and investors’ attention. The analysis also points out that a period of cooling may be necessary to sustain the bullish narrative and prevent sudden market reversals.
