Shiba Inu (SHIB) bullish price momentum has intensified this as the bulls look to break down the $0.000009 resistance. On-chain analysis beams a spotlight on critical data points that could decide SHIB price action in the days ahead.
Shiba Inu’s price has entered a break-out phase this week as the trading activity intensified. Will the second-largest meme coin by market capitalization extend its gains or retrace as it approaches the vital $0.000009 resistance?
Crypto Traders Holding SHIB Increase Trading Activity
Shiba Inu holders have significantly increased their transactional activity over the past week. As depicted below, SHIB Tokens Transferred crossed 15.9 trillion on Nov. 6, marking the highest level of economic activity since August.
But in contrast, the highest figure registered last month was 11.5 trillion token transfers recorded on Oct. 20. Hence, this week’s high represents a 38% increase from last month’s peak transaction activity on the Shiba Inu network.
The Tokens Transferred metric provides a daily aggregate of the number of tokens transacted on any given day. Typically, a sharp increase decline in transactional activity, as observed above, is often taken as a bullish signal.
Read More: 11 Best Sites To Instantly Swap Crypto for the Lowest Fees
It indicates a growing interest among investors and increased market liquidity. It is no surprise that the 38% increase from last month’s peak network activity has been followed by a double-digit price rally.
SHIB Sell Orders Surpass Current Market Demand
The aggregate order books is another vital
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Author: Ibrahim Ajibade
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