‘Dogecoin Killer’ Shiba Inu Bounces 6% On 1,058% Explosion In Large Holder Net Flow

Shiba Inu (CRYPTO: SHIB) is back on track with its price up 6% in Thursday trading on top of increased daily trading and net flows among large holders.

what happened: Data from SybariumScan revealed that the number of transactions per day increased by 46%, reaching 7.24,000 in one day. Amid the price spike, a surge in daily trading could act as a potential catalyst for further price fluctuations. It also shows that new contracts have increased from his 5 to 16 in the past two days.

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On-chain data analyst data geek revealed Approximately SHIB 184 billion moved by three new wallets withdrawn from Binance and Coinbase. The value of the token is estimated at $4.9 million. These wallets have no previous transaction history.

social intelligence companies Lunar Crash show data SHIB’s “bullish signal” was led by increased social activity, rising price action, expanding trading volume, and a “very strong LunarCrush AltRank” of 2.

Also read: Shiba Inu outperforms Bitcoin in India amid meme coin craze on premier platform in the country

Why it’s important: Shiba Inu has risen 6% in the past 24 hours, with its price approaching the $0.00003 level. However, trading volume decreased by 18.3%.

Citing data from IntoTheBlock, U.Today reported that net inflows among large holders increased by 1,058%, showing bullish momentum amid increased buying activity by whales. This may be due to the recent drop in Shiba Inu prices, which are down 14% this week.

what’s next: The impact of memecoins and Bitcoin as an institutional asset class is a topic expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on November 19th.

Read next: The trader who encouraged everyone to buy $1 Bitcoin in 2013 is now defending the “Dogecoin killer” Shiba Inu (Updated)

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