Shiba Inu (SHIB) exchange volume increased by 90% to $267 million in the last 24 hours during this week’s crypto bull run. Shiba Inu’s on-chain activity also surged with cryptocurrency wallet addresses moving over $50 million in SHIB in the same period.
Notably, this rally added up close to $300 million in SHIB’s market cap from October 23 to October 24 at the time of publication. The increased volume accounts for 89% of the capitalization growth, evidencing a bullish trend and a ‘fear of missing out’ (FOMO) dominating sentiment.
As for the on-chain activity, Finbold filtered whale alerts for SHIB transactions moving over $500,000 on the SpotOnChain platform.
Interestingly, these whales moved $48.553 million in Shiba Inu tokens in a day-over-day time frame, with over 6.40 trillion SHIB being transacted in 15 spotted transactions. Among the whales, we could identify Binance, Kucoin, Wintermute Trading, Robinhood, BTC Turk, and a few unknown addresses.
SHIB price analysis
Meanwhile, SHIB is trading at $0.000007514 by press time. This means 4.4% in price gains in the last 24 hours, 8.5% gains in a week, and 2% price appreciation in the last 30 days after a challenging month for Shiba Inu holders.
Also noteworthy is the Bid-Ask Volume Imbalance indicator by IntoTheBlock. According to this exchange signal, there is 7.34% more capital in buy orders, than in sell order for SHIB on the leading markets. This is interpreted as a bullish signal for Shiba Inu.
Nevertheless, crypto traders and investors must remain cautious when FOMO dominates the overall sentiment. It is in increased euphoric moments that retail can be trapped into higher prices for a given asset.
Moreover, value investors must carefully analyze Shiba Inu’s fundamentals, and propose demand for the token in order to decide for an entry point or not. At the time of publication, 85% of SHIB holders are still ‘Out of The Money’, holding onto unrealized losses.
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