Shortly before the SHIB price spike, Shiba Inu network activity hit a yearly high, leading analyst reports
According to renowned analyst Ali Martinez, citing data from the Santiment portal, Shiba Inu’s network activity has set a year-to-date record. Shiba Inu reportedly experienced its largest daily increase in active addresses in 2023 at the end of March, when nearly 36,000 SHIB addresses transacted on the network.
#Shiba Inu saw the biggest spike in daily activity $SHIB addresses over a year, with ~35,788 unique addresses #SHIB addresses interact on the network! pic.twitter.com/gNoH7UrYgf
—Ali (@ali_charts) April 1, 2023
Interestingly, the increase in interaction with Shiba Inu tokens on the network occurred just before the SHIB price breakout after a long accumulation and decline in volatility. After two weeks of trading within a range set by the 7.8% drop on March 15, SHIB price exploded into action in the last days of March and posted a rise of more than 9% thereafter.
You would think they were insiders or whales anticipating the upcoming price action and capitalizing. However, as IntoTheBlock’s in-depth stats show, the vast majority of transactions made during the surge in network activity were between $10 and $100. There were also 578 transactions involving Shiba Inu tokens worth between $10,000 and $100,000.
There were 51 really large transactions with SHIB during this period. Of these, 50 involved amounts between $100,000 and $1 million and only one involved an amount greater than that but less than $10 million.