Shiba Inu (SHIB) is experiencing renewed interest after fresh data revealed a massive 300% spike in on-chain activity. The meme coin recorded one of its most significant surges in transaction volume in months, indicating a possible sign of the market bottoming as large holders seemingly prepare for the next leg.
Shiba Inu Sees Explosive On-Chain Growth
Shiba Inu’s on-chain activity has erupted in recent days, with token transfer volumes recording a major increase. According to Etherscan’s data, on August 25, SHIB’s transfer volume surged over 4.25 trillion tokens, representing a 300% increase from the 1.13 trillion recorded the previous day. This sudden rise highlights renewed liquidity flows and investor participation, possibly signaling that Shiba Inu may be gearing up for a market bottom.
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Interestingly, despite the dramatic surge in volume, transaction counts did not follow the same upward trend. Data shows that while August 24 saw 5,478 transfers, the number slightly declined to 5,355 on August 25, marking a drop of 123 transactions. This disparity suggests that the spike in Shiba Inu’s on-chain volume was not driven by a higher number of transfers, but rather by larger transaction sizes, indicating renewed whale activity or significant reallocations within the ecosystem.
As of August 27, SHIB’s transfer volume slightly cooled to 3.26 trillion tokens, with transaction counts dropping significantly to 4,811. Despite this reduction, the metric still reflects a strong level of on-chain engagement compared to prior weeks. With the Shiba Inu price currently consolidating around the $0.000012 range, the recent surge in transfer volume may suggest that the market is finding its floor before the next expansion phase.
Analyst Says SHIB’s Consolidation May Be Ending
A new chart analysis by crypto market expert Kamran Asghar has added a fresh layer of optimism for Shiba Inu holders. Sharing his insights on X social media, Asghar hinted at the possibility that SHIB’s long-term consolidation may be coming to an end.
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The analyst noted that Shiba Inu’s accumulation pattern is strikingly similar to those of previous consolidation phases that preceded massive price rallies. The accompanying chart shows three distinct accumulation zones in the meme coin’s history. The first occurred before its 1,154.2% rally in late 2021, while the second phase led to a 501.23% surge in early 2024.
Now, Shiba Inu is trading within an extended accumulation zone again, and Asghar suggests this could be the setup for another explosive move. If the current pattern holds, the analyst predicts that the next breakout could see the meme coin’s price skyrocket toward $0.00009, marking a new all-time high. As of writing, Shibua Inu is trading at $0.0000126, meaning a rally to this projected target would represent a significant increase of approximately 614%.
Featured image from Getty Images, chart from Tradingview.com
