$1.46 Billion SHIB in 24 Hours: Here’s What Is Happening

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As a seasoned analyst with over two decades of experience in the crypto market, I must admit that Shiba Inu’s (SHIB) current surge has piqued my interest. The $1.46 billion trading volume within 24 hours and the price skyrocketing this week are not numbers we see every day, especially for a meme coin.

This week, there’s been a significant increase in Shiba Inu (SHIB) transactions, as shown by the whopping $1.46 billion trading volume over the past day. This amounts to an astounding 74 trillion SHIB tokens, based on data from CoinMarketCap.

This week, I’ve noticed a remarkable surge in the price of Shiba Inu (SHIB), which has caught my attention and likely many other traders. The increased volatility in SHIB’s price seems to be attracting interest due to the potential for short-term profits. As we all know, higher price fluctuations often lead to increased trading volumes as investors strive to capitalize on these market swings, aiming to profit from the ups and downs.

From my analysis, I’ve observed a resurgence of market attention towards Shiba Inu, which appears to be boosting its trading volumes significantly.

This week on Twitter, Santiment noted a significant surge in Shiba Inu’s on-chain activity, with its price soaring compared to alternative altcoins and meme coins. Not only has the volume, circulation, and whale transactions hit 10-week peaks, but social dominance is also climbing upwards.

Lately, Santiment has pointed out on Twitter that the enthusiasm for altcoins remains high, particularly among some large-cap coins which have experienced significant increases in conversation volume. One of the current hot topics fueling the market is Shiba Inu, as talks about SHIB and associated projects such as Shibarium have soared, contributing to the recent surge in price.

What’s next for Shiba Inu price?

Shiba Inu gained momentum after crossing above the $0.000016 barrier Sept. 26.

$1.46 Billion SHIB in 24 Hours: Here's What Is Happening

On September 27th, Shiba Inu surpassed its daily Simple Moving Average (SMA) 200 at the price point of $0.00002024, indicating a continued upward trajectory. For the first time since mid-June, Shiba Inu broke through the $0.000021 price barrier during Friday’s trading, peaking at $0.00002169. However, bullish efforts to extend Shiba Inu’s four-day surge on Saturday encountered resistance, with prices reaching a high of $0.00002146.

If bulls can sustain a breach above $0.000020, Shiba Inu’s rally could continue to $0.000029.

Currently as I type this, Shiba Inu (SHIB) has seen a 1.20% rise over the past 24 hours, placing it at approximately $0.00001973. On a weekly basis, SHIB has experienced an uptrend of 36%.

If the Shiba Inu coin price decreases from its present value, it could signal profit-taking among investors. Dropping below $0.000018 might suggest a few days of sideways trading with prices fluctuating between $0.000014 and $0.000020.

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2024-09-28 16:42