Shiba Inu is on pace for its greatest monthly gains since the beginning of 2022

In February of 2022, Shiba Inu had its greatest monthly growth yet, gaining 20.33 percent. In July, Shiba Inu tried a replication of the move and ended the month 13% higher. Given its recent price increase, Shiba Inu might be poised for a similar occurrence.

On October 29, the price of SHIB surged by nearly 30% to $0.00001519, the highest price since August 2022. Shiba Inu’s price rose by more than 54 percent between Oct. 25 and Dec. 31 as a result of a larger rise that started on Oct. 25.

According to on-chain analytics firm Santiment, self-proclaimed “Dogecoin Killer” SHIB has traditionally appreciated Dogecoin. Following Elon Musk’s acquisition of Twitter, the latter realized enormous benefits. Significant volumes were attracted by the SHIB’s pricing increase.

Closing over $0.000013 and even $0.000015 is required for SHIB to record its next-largest monthly increase since February. At the time of publishing, SHIB was trading at $0.0000124, up 1.12% over the previous twenty-four hours.

SHIB was in the top 10 assets in terms of trading volume among the 100 largest ETH whales, according to WhaleStats statistics. A crypto data tracker’s examination of the top 100 Shiba Inu holders reveals that the 24-hour trade volume for these addresses has increased by 266%.

According to statistics from IntoTheBlock, SHIB currently has the greatest proportion of long-term investors, establishing a new benchmark for the measure. The proportion of long-term holders, or “hodlers,” has increased to 44%, the highest level ever recorded, while the proportion of short-term speculators continues to fall. In the meanwhile, the proportion of short-term investors has remained pretty stable.

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