SHIB’s price increased by over 30% on just Oct. 29 to $0.00001519
The Shiba Inu recorded the biggest monthly gain ever in February 2022, a 20.33% increase in the month. The Shiba Inu attempted a replication of the action in July, closing the month 13% higher. The Shiba Inu may be on track to repeat similar action given its recent price hike.
SHIB’s price increased by over 30% on Oct. 29 to $0.00001519, the highest price since August 2022. The upswing on Shiba Inu was part of a bigger increase that began on Oct. 25, which caused its price to increase more than 54% within this period.
The self-described “Dogecoin killer,” SHIB, has historically rallied alongside Dogecoin, according to on-chain analytics company Santiment. The latter made a huge profit after Elon Musk bought Twitter. The impressive increase in SHIB price also attracted significant amounts.
A close above the $0.000013 mark and even higher at $0.000015 is needed, however, for SHIB to mark its next biggest monthly gain since February. At the time of publication, SHIB was changing hands at $0.0000124, up 1.12% in the last 24 hours.
Whale trading volume up 266%
To whalestats Data, SHIB is ranked among the top 10 assets in terms of trading volume in the 100 largest ETH whales. An analysis of the top 100 Shiba Inu holders by Crypto Data Tracker indicates a 266% increase in 24-hour trading volume for this category of addresses.
This corresponded with an increase in the average SHIB balance of these large holders.
According to data from IntoTheBlock, SHIB is now seeing its highest percentage of long-term holders, setting a new milestone in the metric. The percentage of long-term holders, or “holders”, has risen to 44%, the highest ever, while mid-term speculators continue to decline. Meanwhile, the percentage of short-term holders has remained relatively stable.
