$500 Million in Shiba Inu (SHIB) in 24 Hours: Something Big Coming?

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As a seasoned analyst with over two decades of experience in the volatile world of cryptocurrencies, I’ve seen my fair share of market fluctuations and trends. The latest surge in Shiba Inu (SHIB) trading volume and derivatives is indeed intriguing.

Over the last day, I’ve observed a substantial 24.75% surge in trading activity for Shiba Inu, totaling approximately $499.29 million.

Based on information from Coinglass, there was a significant surge of 26.31% in the value of Shiba Inu coin derivatives within the past 24 hours, totaling more than $307 million.

SHIB open interest also shows a significant surge of 14.65%, or $53 million.

$500 Million in Shiba Inu (SHIB) in 24 Hours: Something Big Coming?

SHIB in recovery mode

Following the examination at the significant 100 Exponential Moving Average (EMA) support point, Shiba Inu (SHIB) has demonstrated a robust price rebound.

The token has been strengthened around this significant technical point, a crucial sign for traders. Maintaining the 100 Exponential Moving Average implies that even though there have been recent drops in price, Shiba Inu’s positive market sentiment persists. If market conditions continue as they are, this recovery may lead to another price surge soon.

As of now, Shiba Inu (SHIB) is being exchanged at approximately 0.00001767 USD, representing a 4.67% growth over the past day. Simultaneously, its total market capitalization has expanded by 5.24%, reaching a valuation of about $10.4 billion.

$500 Million in Shiba Inu (SHIB) in 24 Hours: Something Big Coming?

Previously, Shiba Inu seemed poised for a continued fall, but its tenacity allowed for a comeback. Since the notable bearish phase in June, Shiba Inu (SHIB) has demonstrated strength and resilience, thanks in part to ongoing community backing. The recent endeavors to destroy millions of tokens have also played a role in maintaining the stability of SHIB’s value.

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2024-10-05 13:38