Is Shiba Inu Worth Buying After SHIB Trading Spikes At 4-Month High

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Shiba Inu (SHIB/USD) was first a meme coin and a direct competitor to the cryptocurrency Dogecoin (DOGE/USD). However, it has evolved into its own ecosystem with ShibaSwap as well as other coins.

SHIB is based on the Ethereum (ETH/USD) blockchain and features the hunting dog Shiba Inu as its mascot, and was created in August 2020 by an anonymous person or group under the pseudonym “Ryoshi”.

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Whale Transactions Hit 4-Month High as Catalyst for Growth

According to data from Santimenta market intelligence platform with on-chain and social metrics for over 2,000 cryptocurrencies, Shiba Inu (SHIB) was on the move throughout the weekend and was up 34% between the 14 August and August 15.

Additionally, the report claims whales were active and there were 433 transactions valued at over $100,000, which was the highest in the last four months.

Over the past 24 hours, starting August 16, 2022, SHIB has seen its value increase by another 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 for the Shiba Inu (SHIB) cryptocurrency was reached on October 28, 2021, when SHIB reached a value of $0.00008616.

When we review its performance throughout the previous month, we can see that Shiba Inu (SHIB) bottomed out on July 3 at $0.000009839.

Its high point was July 20 at $0.00001297. Here we can see an increase in value of $0.000003131 or 32%.

From July 20 to August 16, SHIB experienced an additional increase in value of $0.00000323, or 25%.

With this in mind, we can expect the value of the SHIB cryptocurrency to reach $0.000025 by the end of August 2022. Buying SHIB could be a good option as long as you manage your risk and stop losses effectively.

Where to buy now

To invest simply and easily, users need a low-cost broker with a reputation for reliability. The following brokers are highly rated, recognized worldwide and safe to use:

  1. Etoro, trusted by over 13 million users worldwide. Register here >
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*Investment in crypto-assets is not regulated in some EU countries and the UK. No consumer protection. Your capital is in danger.

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