Shiba Inu ($SHIB) has experienced an impressive surge of 43% over the past nine days, showcasing a significant increase in on-chain activity that outpaces many altcoins and other meme coins.

Key indicators such as trading volume, circulation, and whale transactions have all hit ten-week highs, reflecting heightened interest and fear of missing out (FOMO) among investors.

Additionally, SHIB’s social dominance has risen, suggesting that the buzz around the token is considerable, potentially signaling an approaching local top.

To break its year-high of $0.000043, reached in February, traders may need to exercise patience and wait for the current bullish momentum to settle down a bit.

A noteworthy transaction involved a new address, 0x9d9…Eb2d6, which had previously amassed $11.07 million worth of $SHIB in June and July. This address recently withdrew 546.7 billion SHIB from Coinone, valued at around $1.04 million.

The Wallet Now Holds A Profit Of About $1.45 Million 

Originally acquiring the tokens at approximately $0.00001727, this address has since realized a profit of about $1.45 million, with the current price at $0.00001955. It now holds a total of 695.6 billion tokens, worth approximately $12.11 million.

During this meme coin resurgence, SHIB has also gained 37% over the past week. Today, it added nearly $3 billion to its market capitalization and is up nearly 25% in the last 24 hours. This bullish momentum is a positive sign for all memecoin holders, as typically, when a leading coin like SHIB rallies, it tends to lift the entire market.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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