Shiba Inu Trading Volume Up 900% In Strong Bullish Trend

Market data showed Shiba Inu's (CRYPTO: SHIB) 24 hours trading volume spiked up to an astonishing increase as compared to the previous 24 hours, showing a significantly bullish sign.

What Happened: Data analyzed by U Today on Thursday shows Shiba Inu volume increased by nearly 880% and whales — cryptospeak for large holders — became more active than before, resulting in an 82% increase in large transaction number.

See Also: IS SHIBA INU (SHIB) A GOOD INVESTMENT?

Furthermore, large crypto holder tracking service WhaleStats tweeted on Thursday that Shiba Inu overtook Chainlink (CRYPTO: LINK) and became the most traded token among the top 1,000 Ethereum (CRYPTO: ETH) whales. As of press time, the top spot was handed over by Shiba Inu to the Ethereum Name Service (CRYPTO: ENS).

Market data also indicates the top Shiba Inu holders increased their portfolio with a 179% increase in the average balance among the 100 heaviest Shiba Inu wallets. Similarly, the overall average Shiba Inu wallet also grew by about 180.5% and token activity increased by more than 19% as well.

SHIB Price Action: As of press time, Shiba Inu is trading at $0.00002263 after seeing its price fall by about 6.22% over the last 24 hours.