Shiba Inu SHIB/USD is down 13.3% in the past 24 hours despite a rise in active accounts and whale transactions with traders expecting the uptrend to continue.
What Happened: Based on IntoTheBlock data, whale transactions greater than $100,000 spiked to 2,222 transactions on March 4 as compared to 845 transactions on March 3.
Around 71% of Shiba Inu holders are currently in profit, while 19% are in the red and 10% are at break even.
Shibariumscan data indicates a huge increase in active accounts to 1,896 as of March 4, more than doubling from the previous day's figure of 788.
Shiba Inu trading volumes in the past 24 hours stand at $14.2 billion, significantly ahead of Dogecoin’s $8.6 billion, Cardano’s $1.9 billion, BNB’s $3.1 billion, Solana’s $8.2 billion and XRP’s $4.7 billion.
Shytoshi Kusama, Shiba Inu’s pseudonymous lead developer, tweeted that nothing has changed for the project since its founding. Shiba Inu is still "The Dogecoin Killer."
Read Also: Shiba Inu Slingshots Back Into The Top 10 With 50% Explosion, Surpasses Dogecoin In Trading Volume
Why It Matters: In its latest The Shib magazine edition released on March 6, the Shiba Inu community expects more thrilling announcements in the upcoming weeks.
The magazine features “Shiba Names,” which will enable holders to be officially known through Shiba Inu Name Tokens. The magazine concludes with Shiba Inu community’s developer highlighting its efforts to protect against rising security threats.
CryptoDep’s latest tweet on top meme tokens by social activity shows Shiba Inu in the top three meme tokens with 18,700 posts, 27.4 million interactions and 3.60% social dominance.
SHIB Bezos, a community member, alerted users to avoid FOMO buying or panic selling and suggested buying the dip.
Sorry $SHIB Panic Sellers
— SHIB Bezos (@BezosCrypto) March 5, 2024
Congrats to #ShibaInu Dips Buyers #Altseason hasn't Started yet!
Altseason will Start May 2024 after Halving
Accumulate and HODL your Altcoin Bags with patience
Early Sellers will Regret later
Avoid FOMO Buying or Panic selling – always Buy d Dip pic.twitter.com/aiwe3cqTNm
While Shiba Inu has maintained its position in the top 10, potential exciting announcements in the next week could rekindle another rally.
Read Next: 'Dogecoin Killer' Shiba Inu Explodes For 60% Weekly Gain: This Indicator Shows Golden Cross
Image: Shutterstock
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