- SHIB price surged 19% in 24 hours, reaching $0.00001337.
- Whale transactions increased by 588%, totaling 9 trillion SHIB.
- Despite recent gains, SHIB remains down 20% over the past week.
Shiba Inu (SHIB) has experienced a remarkable 19% price surge in the past 24 hours, climbing to $0.00001337 as the broader cryptocurrency market recovers by 6%.
This spike follows a challenging period where SHIB dropped by 20% over the past week and 18% over the past month. However, despite these declines, SHIB retains a 39% gain over the past year, underscoring its resilience in the volatile crypto market.
Shiba Inu Price Rallies Amid Increased Whale Transactions
A notable driver of this recent price increase is the significant uptick in whale activity. Large transactions, defined as those worth $100,000 or more, have risen dramatically from 1.53 trillion SHIB to 9 trillion SHIB. This surge indicates that major investors are capitalizing on the lower prices to accumulate SHIB, suggesting confidence in the token’s long-term potential.
The recent price surge is largely attributed to a significant rise in whale transactions. Large transactions exceeding $100,000 jumped from 1.53 trillion SHIB to approximately 9 trillion SHIB. This activity suggests that major investors are taking advantage of the price dip, boosting SHIB’s market performance.
Technical indicators point to a positive trend for SHIB. The Relative Strength Index (RSI) has rebounded from 20 to just over 50, and the 30-period moving average is approaching the 200-period average, indicating potential continued recovery. The broader market sentiment remains cautious, influenced by economic concerns in the US. However, a potential Federal Reserve rate cut could positively impact cryptocurrency prices, including SHIB.
Shiba Inu’s ecosystem, including ShibaSwap, its layer-two network, and the popular P2E game Shiba Eternity, strengthens its position as a fundamentally solid meme token. These elements could drive sustained demand and further price increases, with projections suggesting SHIB might reach $0.00002 by Q4 and $0.00004 by year-end. Meanwhile, traders are also eyeing new tokens like Shiba Shootout, which offers unique community engagement through mini-games and contests, potentially driving its own rally upon launch.
Shiba Inu’s recent price surge, driven by increased whale activity, highlights its resilience and potential for continued growth. As the market recovers and SHIB’s ecosystem expands, the token could see further gains in the coming months.
“Large transactions – worth $100,000 or higher – have risen from a volume of 1.53 trillion SHIB yesterday to roughly 9 trillion SHIB today.”
