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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.”
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.
The post Is Shiba Inu worth buying after SHIB transactions peak at a 4-month high appeared first on Invezz.
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.