The meme-inspired cryptocurrency Shiba Inu ($SHIB) saw its price surge over the weekend from around $0.00012 to $0.00001770 before enduring a correction that saw it drop down back to $0.00001555 at the time of writing.
As the cryptocurrency’s price surged, its trading volume hit a whopping $3.41 billion on major cryptocurrency trading platforms. Despite the recovery, SHIB is still down significantly from itS $0.0008 all-time high seen in October 2021 after a meteoric rise.
The move up was mostly attributed to traders increasing their best on risk assets as the price of Ethereum ($ETH) keeps on rising ahead of its widely anticipated Merge upgrade, which will see it move from a Proof-of-Work consensus and into a Proof-of-Stake consensus mechanism.
Shiba Inu’s move higher was notably marked by an uptick in whale activity, as according to on-chain analytics firm Santiment the cryptocurrency saw 433 transactions valued at over $100,000 during the rise, the most in four months.
As CryptoGlobe reported, SHIB, $AVAX and $XRP have been recently added as payment methods at over 60 million merchants worldwide. According to a recent announcement published by leading cryptocurrency trading platform Binance, the cryptocurrencies were added as payment methods to its popular Binance Card.
Notably, SHIB has been seeing its holder count grow even during the ongoing bear market, to the point now over 1.2 million Ethereum addresses hold SHIB, up from around one million eight months ago.
In July, SHIB’s on-chain transaction volume dropped to a 15-month low at a time in which the entire cryptocurrency market was seeing its value plunge. In April 2022, there were around 213,000 SHIB transactions recorded on-chain, down from an all-time high of 1.38 million in October last year, as CryptoGlobe reported. That figure has, in June, dropped to 157,889.
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