• SHIB has experienced a strong surge in recent days, mostly thanks to Shibarium.
• Whale activity has seen SHIB become the most traded token among the top 100 ETH whales.
• SHIB has made a 22% price surge, with a strong uptick in social dominance and trading volume.
Shiba Inu [SHIB] has had an incredible week, largely thanks to the introduction of Shibarium. This new project has caught the interest of traders, investors, and crypto enthusiasts alike, resulting in a strong surge in the token’s price and trading volume.
The most recent development that has propelled SHIB’s performance is its success in becoming the most traded token among the top 100 ETH whales. This was observed by WhaleStats, who reported that SHIB had outperformed other top tokens such as Compound [COMP] and Curve Finance [CRV]. This shows that there is strong demand among large investors, which is often a signal that a token is likely to experience further gains.
In addition to this whale activity, SHIB has also enjoyed a surge in social dominance. This is reflected in a strong uptick in trading volume, which could explain the 22% rally that it experienced in the past 24 hours. This indicates that investors are becoming more interested in the token, and that more people are buying into it.
At press time, SHIB is trading near a key Fibonacci level, which could serve as a resistance for further gains. If the token is able to break through this level, it could see further growth. However, it is also possible that the bears are waiting just around the corner, ready to take control of the market.
Overall, SHIB has had a great week, and traders and investors should keep an eye on it to see if it can maintain its momentum. While the crypto market is always unpredictable, SHIB’s recent performance is a testament to the fact that there is still strong demand for the token. It will be interesting to see if it can hold on to its gains and continue its upward trajectory.