Shiba Inu Spikes Sharply On Rising Volume: What's Going On

Shiba Inu (CRYPTO: SHIB) saw a sharp spike early Saturday amid an increase in volume, as the meme crypto continues to stage an uneven recovery from its mid-June lows. What Happened: Shiba Inu, which reversed course after hitting a near-term low of $0.000007195 on Thursday, was locked in a range subsequently.

Timeline of Shiba-inu

On September 23, the cryptocurrency tracking platform Whale Alert noticed a significant transfer of Shiba Inu (SHIB) meme coins. A whopping 4 trillion SHIB coins were moved from a cryptocurrency exchange to an undisclosed wallet in this remarkable transaction.

Prominent crypto tracking service Whale Alert, popular for tracking and sharing details of large crypto transactions and sharing their details with the community, has spotted an astounding lump of SHIB moved from an Amsterdam-based crypto exchange Bitvavo.

Hell-bent on making gains from a narrative, traders ignored calls to leave the Shiba Inu-developed token alone. Here's how Calcium rode the SHIB wave to a $1.5 million market cap.

After the Shibburn tracker of transactions, which takes SHIB tokens to dead wallets, announced the launch of a new page for tracking preparations for burns on Shibarium, a new report has come out about gas fees going up quite substantially. However, the rise in fees was recorded during quite a short period of time.

Shiba Inu (CRYPTO: SHIB) was dropping over 2% Thursday, in tandem with the crypto sector and the general stock market, which saw Bitcoin and the S&P 500 losing 2% and 1%, respectively, following a hawkish statement from the Federal Reserve . The “Dogecoin Killer's,” move lower saw the crypto testing the lower trend line of a rising channel pattern as support.

Since its launch on August 16, Shibarium, the layer 2 blockchain created by the developers of the Shiba Inu (SHIB) cryptocurrency ecosystem, has triggered massive interest, demonstrated both in the number of wallets and in regard to the number of transactions, which has recently made a new record.

Shiba Inu's layer-2 scaling solution continues to smash records in terms of transaction volume and network growth. In the following lines, we will take a closer look at the most recent achievement that Shibarium completed.

Making a sharp V-shaped reversal from $0.00000695, the SHIB price taps into bullish momentum to challenge $0.00000750. Due to the overhead supply, the SHIB prices reverted with a sharp fall of 1.47% at press time. Meanwhile, the market conditions are volatile, with hopes of better sentiments in October with the Bitcoin ETF decision.

Even with the recent rollout of Shibarium and its impressive short-term performance, the SHIB price hasn't reflected these milestones on its chart. Shiba Inu is still struggling with breaking through key resistance levels, leading to a negative shift in on-chain metrics.

Binance, the biggest crypto exchange, has launched a crypto solution that lets Shiba Inu investors use their Shiba Inu in nine countries. They've named this new product “Send Cash.