Shiba Inu Surges To Top 10 AltRank™ Coins With Growing Transactions & Whale Activity

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In a recent tweet by LunarCrush, a popular social analytics platform for cryptocurrency, Shiba Inu has made it to the top 10 coins for the month of March 2023. The tweet highlighted the top 10 coins by one-month LunarCrush AltRank™ and listed them as follows: Bitcoin, Ethereum, Chainlink, BinanceCoin, Avalanche, Dogecoin, Polygon, Solana, XRP, and Shiba Inu.

This news comes as a pleasant surprise for Shiba Inu investors, who have been witnessing a steady rise in the coin’s value over the past few weeks. The meme-inspired cryptocurrency has gained a lot of popularity recently among the crypto community due to its Shiba Inu Layer 2 Blockchain Shibarium’s Beta Version release.

The AltRank™ by LunarCrush assesses a cryptocurrency’s community and traction and compares it to the wider market. To understand the value of a cryptocurrency, it’s important to track its growth and engagement across social networks and news outlets over time. 

The AltRank™ is composed of four metrics: Market Volume Rank, Social Volume Rank, Percent Change versus Bitcoin Rank, and Social Score Rank. Consistently ranking in the top 25 on the AltRank™ indicates a cryptocurrency worth paying attention to.

The fact that Shiba Inu has made it to the top 10 coins by one-month LunarCrush AltRank™ is a testament to its growing popularity and potential for growth. 

Surge In Shiba Inu Transactions & Whale Activity

The Shiba Inu (SHIB) network has seen a significant increase in transaction count, with numbers surging by 700% in a short period of time. While the reasons behind the sudden spike remain unclear, some speculate that it could be due to increased interest from retail investors or a sudden influx of whale activity.

Despite the heightened network activity, the SHIB token’s price has not seen significant movement in the weekly and daily charts. Currently, it is trading at $0.00001058, according to CoinMarketcap.

SHIB 1D graph coinmarketcap
Source: CoinMarketcap

In other news, a major whale on the Ethereum chain known as “BlueWhale0073” made a purchase of almost 100 billion SHIB tokens. While the whale has since sold most of the tokens, the move has generated interest among investors who are looking for clues about the token’s future performance.

However, it remains to be seen how these developments will impact the token’s price in the days to come.

Related Reading | Ethereum’s Shapella Upgrade Nears Completion: Latest Updates & Proposals

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