Shiba Inu, a popular cryptocurrency also known as SHIB/USD, has experienced a 13.3% decrease in value over the past 24 hours. Despite this drop, there has been an increase in active accounts and whale transactions, leading traders to anticipate a potential uptrend in the near future.
According to data from IntoTheBlock, whale transactions exceeding $100,000 surged to 2,222 transactions on March 4, up from 845 transactions on March 3. Additionally, around 71% of Shiba Inu holders are currently in profit, while 19% are in the red and 10% are at break-even.
Shibariumscan data reveals a significant rise in active accounts, totaling 1,896 as of March 4, more than double the previous day’s figure of 788. Trading volumes for Shiba Inu in the past 24 hours amount to $14.2 billion, surpassing the trading volumes of other popular cryptocurrencies like Dogecoin, Cardano, BNB, Solana, and XRP.
Shytoshi Kusama, the pseudonymous lead developer of Shiba Inu, recently tweeted that nothing has changed for the project since its inception, reiterating that Shiba Inu is still referred to as “The Dogecoin Killer.”
In the latest edition of The Shib magazine released on March 6, the Shiba Inu community anticipates exciting announcements in the coming weeks. The magazine introduces “Shiba Names,” a feature that allows holders to be officially recognized through Shiba Inu Name Tokens. The community’s developer also highlights efforts to enhance security measures against emerging threats.
CryptoDep’s recent tweet on meme tokens by social activity ranks Shiba Inu in the top three, with 18,700 posts, 27.4 million interactions, and 3.60% social dominance. SHIB Bezos, a community member, advises users to avoid making impulsive decisions based on fear of missing out (FOMO) or panic selling, suggesting instead to consider buying the dip.
Despite Shiba Inu maintaining its position in the top 10 cryptocurrencies, the potential for exciting announcements in the upcoming week could spark another rally in its value. Traders and investors are eagerly awaiting further developments in the Shiba Inu ecosystem to capitalize on potential opportunities for growth.
In conclusion, Shiba Inu continues to attract attention and interest within the cryptocurrency community, with its recent developments and upcoming announcements fueling expectations for a potential resurgence in its value. Stay tuned for more updates on Shiba Inu and its evolving ecosystem.
