- Shiba Inu’s price jumps 8% as whale transactions increase and unique token circulation surges.
- Shibarium’s anticipated launch fuels Shiba Inu’s momentum, attracting large-scale investors.
- Despite a previous market cap drop, Shiba Inu’s on-chain metrics signal positive growth.
Shiba Inu, the sensational cryptocurrency, is making waves in the crypto space, gaining momentum with a significant increase in whale transactions and unique token circulation. This comes as the crypto community eagerly anticipates the launch of Shibarium.
A recent tweet by Santiment, a leading market intelligence platform, revealed that Shiba Inu is regaining traders’ interest. This follows a modest 8% price jump over the weekend, a positive sign for the token that experienced a 90% drop in market cap since its all-time high in October 2021.
Santiment’s tweet highlighted the exciting developments in Shiba Inu’s on-chain metrics. The data revealed 14 separate whale transfers of over $1 million as of July 6, marking the highest level seen since April 3 this year. This surge indicates a renewed interest in Shiba Inu and potentially increased involvement of large-scale investors in the ecosystem.
Moreover, the amount of unique Shiba Inu tokens in circulation reached a three-week high, with 2.52 trillion coins circulated in one day. This suggests a growing confidence in the token’s potential.
The Relative Strength Index (RSI) of SHIB remains within the 70-30 level, indicating that SHIB holders can trade with confidence without fear of any major reversal. However, traders must exercise due diligence if the RSI of SHIB ventures outside this range to avoid unrecoverable losses.
Source: TradingView
Looking ahead, the future of Shiba Inu in the crypto space appears promising. With the upcoming Shibarium launch and the increasing interest from large-scale investors, Shiba Inu’s trading price is expected to continue its upward trajectory.
