The SHIB network has encountered a remarkable upsurge in transaction volume. Within a short span, SHIB’s transaction volume surged by 700%, soaring from approximately 5K to 36.7K. The 700% increase in SHIB’s transaction volume has been baffling, given the token price’s relatively stable performance.
There is no clear explanation for the surge in transaction count. However, some experts suggest that it could be attributed to a rise in interest from individual investors or an abrupt surge in whale activity.
In addition, supporting metrics such as the burn performance appear unchanging, indicating a general lack of network activity. Nevertheless, the increased activity on the network has yet to result in significant price fluctuations for the Shiba Inu token.
The current lack of volatility on SHIB hints at the possibility of an impending increase in volatility, which could trigger significant movement in price in either the up or downward directions.
Meanwhile, if SHIB breaks out of its current triangular pattern, it could signify the start of a bullish trend. The reverse scenario would imply further price declines.
Investors and traders will closely monitor the SHIB market, awaiting its next significant price action. Recognizing that the SHIB ecosystem is still growing and evolving is essential.
The project’s devs are engaged in multiple initiatives that could increase demand and adoption for the SHIB token over time.
Shiba Inu Creates New Twitter Profile To Promote Its NFT Initiative
On Thursday, Lucie— a renowned SHIB influencer- revealed the new Twitter profile for SHIB’s NFT — Shiboshi. The new Shiba Inu Twitter account, called “THE SHIBOSHIS,” was created the same day.
The Twitter account has garnered attention from ShIB’s community, including Shytoshi Kusama, the lead developer. As of the time of writing, the account “THE SHIBOSHIS” has 899 followers.
The Twitter account has posted only once, saying “in the meanwhile.” The account’s primary objective is disseminating essential information regarding Shiba Inu’s NFT initiative.
The SHIB influencer also revealed that another agency would manage the account while urging other SHIB supporters to subscribe to the Shiboshisworld website. The SHIBOSHIS is Shiba Inu’s latest project to have a dedicated Twitter account following this latest development.
Last month, the Shiba Inu team created a Twitter profile for Shibarium– the crypto’s impending layer-2 blockchain network, which is still in beta.
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