Shiba Inu (SHIB/USD) initially started as a meme-coin and a direct competitor to the Dogecoin (DOGE/USD) cryptocurrency. However, it evolved into its own ecosystem with ShibaSwap as well as other coins.
SHIB is based on the Ethereum (ETH/USD) blockchain and features the Shiba Inu hunting dog as its mascot, and was created in August of 2020 by an anonymous person or group that went under the pseudonym “Ryoshi.”
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Whale transaction count hitting a 4-month high as a catalyst for growth
According to data from Santiment, a market intelligence platform with on-chain and social metrics for over 2,000 cryptocurrencies, Shiba Inu (SHIB) has been on the move throughout the weekend and went up 34% from the span of August 14 to August 15.
Furthermore, the report claims that whales have been active and that there have been 433 transactions valued at over $100,000, which has been the most in the last four months.
In the last 24 hours, as of August 16, 2022, SHIB saw an increase in value of an additional 5%, signaling that this growth has not stopped.
This could represent a solid opportunity to buy the SHIB cryptocurrency.
Should you buy Shiba Inu (SHIB)?
On August 16, 2022, Shiba Inu (SHIB) had a value of $0.00001620.
The all-time high of the Shiba Inu (SHIB) cryptocurrency was on October 28, 2021, when SHIB reached a value of $0.00008616.
When we go over its performance throughout the previous month, we can see that Shiba Inu (SHIB) had its lowest point of value on July 3 at $0.000009839.
Its highest point was on July 20 at $0.00001297. Here we can see an increase in value of $0.000003131 or by 32%.
From July 20 to August 16, SHIB has seen an additional increase in value of $0.00000323, or 25%.
With this in mind, we can expect the SHIB cryptocurrency to reach $0.000025 in value by the end of August 2022. Buying SHIB could be a good option as long as you manage your risk and stop loss efficiently.
Where to buy right now
To invest simply and easily, users need a low-fee broker with a track record of reliability. The following brokers are highly rated, recognised worldwide, and safe to use:
- Etoro, trusted by over 13m users worldwide. Register here >
- Capital.com, simple, easy to use and regulated. Register here >
*Cryptoasset investing is unregulated in some EU countries and the UK. No consumer protection. Your capital is at risk.
Source: https://invezz.com/news/2022/08/16/is-shiba-inu-worth-buying-after-shib-transactions-peak-at-a-4-month-high/