Over the past year, the progress of Shiba Inu (SHIB) has culminated in notable positive outcomes in recent weeks, even though its intrinsic value grappled to gain bullish traction. As per the most recent on-chain metrics, Shiba Inu boasts over 1.3 million holders, and since its genesis, the network has overseen roughly 11.1 million transactions. {showAds}
The valuation of the Shiba Inu ecosystem hovered around $7.29 billion, with liquidity in the Uniswap V3 WETH pool standing at about $1.2 million and an additional $4.8 million channeled through the ShibaSwap ecosystem, underscoring its growing influence in the cryptocurrency landscape.
Shiba Inu's Meteoric Rise
There's been a marked surge in new investors flocking to the Shiba Inu ecosystem, with many amassing the meme coin in anticipation of a potential bullish surge. Based on an on-chain study carried out by NerdBot, these nascent Shiba Inu wallets have garnered over 18 billion tokens within the last fortnight. Intriguingly, the outflows from Shiba Inu on crypto exchanges surpassed a whopping 120 billion on Thursday alone. This burgeoning demand from new crypto enthusiasts aligns seamlessly with the exchange outflows observed over the recent two-week span, highlighting the coin's escalating appeal.
Deep-dive into $SHIB with NerdBot at: https://t.co/4PVGtx3CF7
— NerdBot (@0xNerdBot) October 4, 2023
NerdBot noticed that Fresh Wallets have been accumulating $SHIB in the past few days.
We also noticed Fresh Whale 0xb75 withdrew a total of 292.53B $SHIB ($2.13M) from #coinbase in the last 3 weeks. pic.twitter.com/eRFFcMGavZ
The Shiba Inu ecosystem continues to be a magnet for investors aiming for substantial returns with a relatively low risk quotient. Furthermore, the Shiba Inu core developers have consistently showcased their commitment by rolling out top-notch products for the Shibarmy, thereby bolstering both utility and liquidity. As highlighted in a recent report by Arkham, Robinhood Exchange augmented its holdings by adding a staggering 800 billion Shiba Inu, now possessing over 34 trillion SHIB, valued at an estimated $279 million, underscoring the platform's confidence in the coin's potential.
— techcentrik™ (@nicaIBTimes) October 5, 2023
Based on on-chain data presented by Whale Alert, Shiba Inu tokens valued at over $33.37 million were moved from the Bitvavo crypto exchange to an unidentified wallet. This significant accumulation of Shiba Inu has sparked interest and eagerness among FOMO traders, even as the coin's price grapples to recover from its bear market troughs. This movement underscores the heightened activity and intrigue surrounding the Shiba Inu token in the current market landscape.
SHIB Price Dynamics and Future Market Outlook
With a robust support foundation set at $0.00000723, Shiba Inu's price trajectory is anticipated to ascend in the forthcoming weeks, potentially igniting a broader bullish wave. Additionally, this meme coin's position is further strengthened by the Shibarium layer two scaling solution, which is seamlessly integrated with the Ethereum and Polygon infrastructures.
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Now that the Shibarium mainnet is operational for DeFi developers, there's a forecasted uptick in the Shiba Inu burn rate in the approaching months. Consequently, this is likely to enhance Shiba Inu's valuation over a period.
From a technical lens, Shiba Inu's price movement is keenly
observing Bitcoin's potential surge towards the $30k mark to reinvigorate its
bullish stance. Concurrently, a phase of Shiba Inu price stabilization is
projected, even as some crypto pundits caution about a looming 40 percent
market downturn.
Conclusion
The Shiba Inu phenomenon, marked by the accumulation of 18 billion tokens in two weeks, underscores the dynamic and ever-evolving nature of the cryptocurrency market. As with all investments, potential investors should stay informed, understand market trends, and approach with a balanced perspective.
