Altcoins

Metrics Suggest Surge for SHIB Price! Shiba Inu Records Spike in Wallet Address

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As the first Bitcoin ETF begins to trade, the value of BTC is on its way to hit back at the ATH, as it trades at $63900. The top altcoins on the other hand are operating on minimal volatility. ETH is up 1.7%, BNB is below major resistance at $483 and ADA is trading down by 1.3%.

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Talking of memecoins, DOGE is trading at $0.243 down by 1.4%, while it’s a popular knock-off Shiba Inu trades at $0.000028 down by 2.2% in the last 24 hours. However, there have been bullish speculations made for the latter coin.

According to Santiment, a digital asset analytics business, traders should keep an eye on one on-chain statistic that could forecast large rallies for meme cryptocurrency Shib Inu (SHIB)

Santiment warns its Twitter followers to keep an eye on the amount of SHIB whale transactions that exceed $100,000. 

“When these transactions come in bunches, price rises generally follow.”

Wallet Address Surge for SHIB!

The Shiba Inu (SHIB) has maintained its popularity, with a 9 percent increase in the number of holders in the last two weeks.

Retail demand for SHIB has remained strong despite a remarkable price performance since October 2nd, with the meme currency accumulating over 60,000 new investors, marking a 9.11 percent rise in just over two weeks.

The SHIB token now has over 742,000 unique addresses, which is more than double the amount of unique holders it had in May when it was trading at its peak and hitting an all-time high (ATH). 

Coinbase launched support for the Ethereum-based meme coin across all platforms last month, giving SHIB a boost. Tesla CEO Elon Musk tweeted a photo of his Shiba Inu puppy earlier this month, prompting yet another rally for the Dogecoin (DOGE) competitor. 

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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