Shiba Inu (SHIB) is showing signs of a potential price increase due to the increase in large transactions in its ecosystem. Currently, the price of Shiba Inu stands at $0.000007877. It also recorded an increase of 1.66% in the last 24 hours. This latest rise allowed the meme coin to recoup its weekly losses. On the other hand, it has a growth rate of 1.07% at the time of writing.
Key factors supporting SHIB price revival
One of the factors contributing to the revival of the SHIB meme coin is the significant increase in large transactions on the network. Data from crypto analysis service provider IntoTheBlock (ITB) sheds light on this. Accordingly, SHIB’s large transactions increased by 41.45% in the last 24 hours. Accordingly, it reached a volume of 45.42 million dollars.
Large transactions, defined as transactions valued at $100,000 or more, stand out. Accordingly, it increased from 4.09 trillion SHIB to 5.81 trillion SHIB on November 2. This increase underscores the growing interest in Shiba Inu (SHIB) as both a utility token and investment asset.
Challenges and potential impacts
The current growth of SHIB meme coin is remarkable. Accordingly, it faces challenges such as a 30% drop in trading volume masking the slight uptrend. However, factors such as macroeconomic trends and the potential approval of a Bitcoin spot exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC) may affect SHIB’s performance.
As lead developer Shytoshi Kusama stated, there is an expectation of new products and solutions at Shibarium. Accordingly, this indicates that there may be more demand for SHIB next month. With these positive catalysts, the Shiba Inu is poised to have a potentially positive November for the first time in the last three years.
Shiba Inu sell orders exceed current market demand
In parallel with the positive developments above, there are also negative situations for SHIB. Total Order Books currently indicate weakening demand in the Shiba Inu spot markets. As shown below, Shiba Inu investors placed active sell orders for 6.5 trillion tokens. Worryingly, this figure is considerably higher than the 6 trillion Shiba Inu purchase orders currently listed on 10 crypto exchanges.
Exchanges’ Total Order Books show a snapshot of the total active market orders for an asset. Logically, when demand decreases, many sellers may have to compete by lowering their prices. Because cryptokoin.com When we look at it, the decline in whales’ trading activities and weakening market demand may come together and trigger a downward SHIB price movement in the coming days.
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