'Dogecoin Killer' Shiba Inu Bounces 6% On 1,058% Explosion In Large Holder Net Flow

Shiba Inu SHIB/USD has found its groove again with a 6% price increase in Thursday’s trading, alongside an increase in daily transactions and large holder net flow.

What Happened: Shibariumscan data highlights a spike of 46% in daily transactions to 7.24K in a single day. Amid the price spike, the surge in daily transactions may act as a potential catalyst for further price movements. It also shows new contracts increasing from 5 to 16 over the past two days.

On-chain data analyst The Data Nerd revealed the movement of around 184 billion SHIB by three fresh wallets withdrawing from Binance and Coinbase. The tokens are estimated to be worth $4.9 million.These wallets have no prior transaction histories.

Social intelligence company LunarCrush shows data “signaling bullish” for SHIB, led by increasing social activity, rising price action, expanding trading volume and a “very strong LunarCrush AltRank” of 2.

Also Read: Shiba Inu Outshines Bitcoin In India Amid Meme Coin Frenzy On Premier Domestic Platform

Why It Matters: Shiba Inu is up 6% over the past 24 hours, taking its price closer to the $0.00003 mark. However, trading volume is down 18.3%.

U.Today reported, citing IntoTheBlock data, an increase of 1,058% in large holder net flow, indicating bullish momentum amid rising buying activity by whales. This could be driven by a recent drop in Shiba Inu's price, which is down 14% on the week.

What’s Next: The influence of meme coins and Bitcoin as an institutional asset class are topics expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: Trader Who Urged Everyone To Buy $1 Of Bitcoin In 2013 Now Advocates For ‘Dogecoin Killer’ Shiba Inu (UPDATED)

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