Shiba Inus October Surge: Record Transactions and Kusamas Defense

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Shiba Inu‘s October Surge: Record Transactions and Kusama’s Defense

• SHIB sees record transactions, with nearly six trillion tokens transferred in 24 hours.
• Lead developer Shytoshi Kusama defends SHIB against criticism, citing strong historical growth.
• SHIBs uncertain future hinges on whether recent large transfers signal buying or selling.

Shiba Inu (SHIB) has seen a surge in transaction volume and public debate about its future. Almost 6 trillion SHIB tokens were transferred between major wallets in a single day, setting an October record. This increase in large transactions has fueled speculation about the reasons for the movement.

Record Transactions Fuel Market Uncertainty

According to on-chain data, nearly 6 trillion SHIB tokens changed hands between large wallets in the past 24 hours. This high transaction volume indicates increased activity, with 224 significant transactions recorded. SHIB has been trading in a narrow range, with resistance at $0.000020 and support around $0.000017.

Analysts are unsure whether this movement signals a bullish accumulation by institutional investors or a bearish sell-off. Historically, rising transfer volumes without a price increase often have indicated selling rather than buying. If the transfers represent a sell-off, SHIBs price may face downward pressure, testing lower support levels.

Kusama Defends Shiba Inu

Shytoshi Kusama, Shiba Inu‘s lead developer, defended the token’s potential on social media. Kusama was responding to criticism from Nick Tomaino, the founder of the 1confirmation investment firm, who called SHIB a “chump change meme.” Tomainos tweet ranked significant crypto projects, but SHIB was notably absent. Kusama addressed the “disrespect,” noting that SHIB has grown 66 times faster than Bitcoin.

Again, the disrespect… smh #SHIB

— Shytoshi Kusama™ (@ShytoshiKusama) October 30, 2024

Kusama pointed out SHIBs massive returns since its all-time low in September 2020. The token has surged over 33 million percent, outperforming gains by Dogecoin, Solana, and Binance Coin.

In response to a SHIB enthusiast who questioned SHIB‘s value below $0.01, Kusama argued that SHIB’s market position deserves respect. He said that “Top 10 isnt chump change,” although SHIB has recently fallen to 12th place on CoinMarketCap.

Data doesn‘t lie. Here’s how our strategy performed historically—could this be your edge in the market？ #Backtesting #Bitcoin

— Davidd Tech (@DaviddDotTech) August 12, 2024

The current surge in SHIB transactions and public debate show ongoing uncertainty around the token. The high transaction volume could indicate institutional interest or signal a sell-off. Kusama‘s strong defense highlights the SHIB community’s loyalty. However, if there is not a substantial price breakout, SHIB will remain in a speculative position.