Shiba Inu flips Ethereum and Solana trade volume on Binance as on-chain activity explodes


  • Shiba Inu daily trade volume on the world's largest cryptocurrency exchange has exceeded Ethereum and Solana. 
  • Commission-free exchange Robinhood teased SHIB listing on a recent Instagram story, no official announcement yet. 
  • Ethereum whales continue SHIB accumulation as the memecoin's on-chain activity explodes.
  • The Shiba Inu holder who turned $8,000 to $5 billion has moved SHIB holdings to four new wallets.

Shiba Inu token's on-chain activity witnessed a massive spike as SHIB daily trade volume exceeding Ethereum, Solana and Binance Coin on Binance. Rumors of a Robinhood listing have fueled the rise in SHIB trade volume across spot exchanges. 

Shiba Inu coin flipped Ethereum and Ethereum-killers on world's largest exchange 

According to data from crypto data aggregator CoinGecko, the daily trade volume (24h) for Shiba Inu has exceeded Ethereum, Binance Coin, Solana, Dogecoin, and others Ethereum-killer projects in the USD Tether markets. 

Rumors of Shiba Inu token's listing on Robinhood pushed the memecoin's price higher over the past month. The commission-free exchange recently published a question featuring the Shiba Inu token on an Instagram story, sparking the rumors of an upcoming SHIB listing. 

A petition to list SHIB on Robinhood hosted on Change.org has now exceeded 500,000 signatures, making it one of the most popular ones on the platform. 

While proponents have criticized the memecoin for its large concentration by whale wallets, large wallet investors continue SHIB accumulation. An Ethereum whale recently added 153 billion SHIB tokens to their portfolio. 

The whale wallet's largest ERC-20 holding is the SHIB token. 

SHIB accumulation by Ethereum whale

SHIB accumulation by Ethereum whale.

Historically, accumulation by whales has triggered a rally in SHIB, sending the Shiba-Inu-themed cryptocurrency to its all-time high. 

Another mysterious whale, famous for turning a profit of over $5 billion from an $8,000 purchase of SHIB tokens in August 2020, is moving holdings to new wallets. The new wallets are not associated with exchanges, and experts are awaiting a move by the SHIB whale. 

The wallet was dormant for over a year, and started moving the SHIB token holdings on November 3. 

A cryptocurrency analyst at the YouTube channel "TheFinanceValueGuy," recently analyzed the SHIB price trend. The analyst has noted that the SHIB token has notoriously bounced from $0.00005 several times in the past.

The analyst believes that selling pressure from whale accounts has triggered the recent drop in SHIB price. Drawing similarities in SHIB and DOGE price trends, the analyst expects Shiba Inu to hit a new all-time high. 

 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Zilliqa price poised for a rally on positive on-chain data; bullish technical indicators

Zilliqa price poised for a rally on positive on-chain data; bullish technical indicators

Zilliqa price has broken above a falling wedge pattern, indicating a shift in market structure from bearish to bullish. Bullish divergence on the RSI and the Awesome Oscillator indicators signal a potential reversal and upward movement in ZIL price in the coming days.

More Cryptocurrencies News

MATIC sets for a rally as Polygon Foundation confirms the migration date

MATIC sets for a rally as Polygon Foundation confirms the migration date

Polygon (MATIC) price has broken above a falling wedge pattern, indicating a shift in market structure from bearish to bullish. The Polygon Foundation officially announced on Thursday that September 4 is the migration date for MATIC to POL.

More Polygon News

Top 10 crypto market movers as Bitcoin and Ethereum hold steady ahead of $1.8 billion options expiry

Top 10 crypto market movers as Bitcoin and Ethereum hold steady ahead of $1.8 billion options expiry

Bitcoin and Ethereum hold steady above $64,000 and $3,400 as $1.8 billion in options expire on Friday. WazirX hack of $230 million potentially linked to Lazarus Group ushers correction in Shiba Inu, among other assets. 

More Cryptocurrencies News

Bitcoin Weekly Forecast: Will BTC continue its bullish momentum?

Bitcoin Weekly Forecast: Will BTC continue its bullish momentum?

Bitcoin price increased by 5.5% this week until Friday after breaking above a descending trendline. Currently, it is trading slightly higher by 0.23% at $64,166. By Thursday of this week, U.S. spot Bitcoin ETFs observed cumulative positive inflows totaling $861.50 million.

More Bitcoin News

Bitcoin: Will BTC continue its bullish momentum?

Bitcoin: Will BTC continue its bullish momentum?

Bitcoin (BTC) price increased by 5.5% this week until Friday after breaking above a descending trendline. Currently, it is trading slightly higher by 0.23% at $64,166. By Thursday of this week, U.S. spot Bitcoin ETFs observed cumulative positive inflows totaling $861.50 million. On-chain data indicates oversold conditions for BTC, suggesting a possible market bottom.

Read full analysis

BTC

ETH

XRP