As the Shiba Inu community continues to wait for a turnaround in terms of value, a prominent market intelligence has spotted and reported a fundamental bullish signal, which could aid SHIB growth in the long run.
According to Santiment, Shiba Inu (SHIB) has started to attract the interest of traders following the 8% surge in the price of the digital asset over the weekend.
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In a recent tweet, Santiment said although Shiba Inu (SHIB) is down 90% in terms of valuation since hitting its price all-time high in October 2021, recent whales’ transactions and circulation of the digital asset is an indication that a breakout is imminent.
Shibarium tweeted, “Shiba Inu is beginning to get back on some traders’ radars, following a mild +8% price jump this weekend. Since its all-time high in October, 2021, the memecoin’s market cap has dropped 90%. But whale transactions & circulation are showing good signs.”
🐱 #ShibaInu is beginning to get back on some traders' radars, following a mild +8% price jump this weekend. Since its #alltimehigh in October, 2021, the #memecoin's market cap has dropped 90%. But whale transactions & circulation are showing good signs. https://t.co/JD65FAOgK0 pic.twitter.com/FBAwVn0DU6
— Santiment (@santimentfeed) July 9, 2023
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14 Shiba Inu Whales Transfer over $1 Million Worth of SHIB
In the tweet, Santiment also pointed up notable on-chain metrics of Shiba Inu (SHIB). According to the chart captioned by the intelligence platform, 14 different whale wallets moved over $1 million worth of SHIB as of the 6th of July, which represents its highest level since the 3rd of April 2023.
The chart also showcased the number of SHIB in circulation, which has hit a 3-week high. Santiment revealed that 2.52 trillion SHIB were circulated in a single day.
As indicated by the market intelligence platform, there is a renewed and growing interest in the second-largest dog-themed digital asset, which can be attributed to the upcoming mainnet launch of Shibarium.
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