Shiba Inu on Track to Record Massive Gains, Based on Historic Data

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Shiba Inu (SHIB) experienced its largest monthly gains in 2022 in February, rising 20.33% for the entire month. In July, Shiba Inu attempted to repeat the action and ended the month 13% higher. Given its recent price increase, Shiba Inu might be on track to repeat a similar action.

Source: CoinMarketCap

The price of SHIB reached its highest level since August 2022 on October 29, when it surged by nearly 30% to $0.00001519. Shiba Inu’s price rose by more than 54% during this time due to an upswing that was a part of a larger surge that started on October 25.

The self-described “Dogecoin Killer,” SHIB, has traditionally rallied alongside Dogecoin, according to on-chain analytics firm Santiment. After Elon Musk bought Twitter, the latter saw huge profits. Significant volumes were attracted by the SHIB price’s strong increase as well.

However, for SHIB to record its largest monthly gain since February, a closing above the $0.000013 level and even higher at $0.000015 is required. SHIB was trading at $0.0000124 at the time of publishing, up 1.12% from the previous day.

Shiba Inu Whale Trading Volume on a Massive Hike

SHIB was one of the ten most traded assets among the top 100 ETH whales, according to statistics from WhaleStats. The crypto data tracker’s examination of the top 100 Shiba Inu holders shows that the 24-hour trade volume for this group of addresses has increased by 266%. The average SHIB balance of these significant holders went up in tandem with this.


The percentage of long-term holders for SHIB is currently at its greatest level, according to statistics from IntoTheBlock, marking a new high point for the indicator. The proportion of long-term investors, or “hodlers,” has increased to 44%, the highest level thus far, while the proportion of short-term investors continues to decrease. The proportion of short-term investors has remained largely stable in the meanwhile.

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.