Shiba Inu Price Surges: Whatโs Next for the Meme Coin?
Shiba Inu is currently experiencing a surge in prices, reaching a week-high peak amid the ongoing greed zone. Despite facing bearish hits, Shiba Inu has managed to recover but has not seen significant progress compared to other meme coins. So, what can you expect in the future for Shiba Inu and why did the price spike today? Letโs explore these questions in detail below.
Shiba Inu Price Analysis ๐
Currently, Shiba Inu is trading at $0.00002994, showcasing a 17% surge over the week. It hit a peak of $0.00003154 before retracting to its current value. The cryptocurrency is ranked 11th on CoinmarketCap with a market capitalization of $1,768,837,971 and a trading volume of $1,767,054,670.
- Weekโs surge of 17% for Shiba Inu
- Current trading price at $0.00002994
- Market capitalization of $1,768,837,971
- Ranking 11th on CoinmarketCap
Reason Behind Shiba Inuโs Peak Today ๐ฅ
The overall crypto market has been witnessing a bullish trend, with Bitcoin surpassing the $70K mark, leading to a rally in altcoin prices. Additionally, meme coins like Shiba Inu have witnessed a surge in prices, contributing to the overall increase in the market cap of these coins.
Increased Whale Interference ๐
Recent data from IntoTheBlock reveals a significant spike in on-chain Shiba Inu activity, with a 50% increase in larger transactions. The number of transactions surged by 516%, indicating a considerable uptick in movement. Notably, over 539 transactions exceeding $100,000 were recorded in a single day, with one transaction involving $62 million worth of SHIB tokens, fuelling the price surge.
- 50% increase in larger transactions
- 516% surge in overall transactions
- 539 transactions above $100,000 in a day
- $62 million transaction impacting price
SHIBโs Bullish Behavior ๐
Technical analysis suggests a rounding bottom reversal on Shiba Inuโs chart, indicative of an upcoming price surge. Analysts predict a bullish trend in the next few hours, with SHIB showing multiple bullish signs throughout the day, including support levels and bullish candles, signaling a positive momentum for the coin.
Conclusion
Shiba Inu is still a considerable distance away from its all-time high but continues to show incremental gains, potentially leading to a significant price surge. Todayโs price spike can be attributed to increased whale activity, with daily transactions surging by 516%, setting the stage for a bullish trend in the near future.
Hot Take ๐ฅ
Stay tuned for more updates on Shiba Inu as it navigates through the volatile crypto market, reacting to market trends and whale movements to potentially achieve higher price targets and deliver profits for investors.
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