Over the past day, there’s been a substantial surge in transactions involving the digital currency based on Shiba Inu dogs, known as SHIB.
Based on data from IntoTheBlock, the number of Shiba Inu transactions spiked substantially, reaching approximately 4.49 trillion SHIB, a significant rise from the 3.14 trillion SHIB recorded the previous day.
4.49 trillion Shiba Inu (SHIB) being traded indicates a substantial surge in network action, suggesting growing curiosity about the meme coin. This rise in activity might be linked to whale transactions, accumulation, or preparations for significant market occurrences. It’s also plausible that SHIB’s heightened activity coincides with broader market movements.
The broader cryptocurrency market is rebounding, driven primarily by statistics from the Bureau of Labor Statistics, which were published the previous day. Encouraging U.S. inflation figures have bolstered international markets, leading investors to increase their wagers for further reductions in Federal Reserve interest rates.
The rise in the number of transactions might stem from these market circumstances, since investors are trying to take advantage of possible chances that have arisen.
With an increase in transaction activity, curiosity arises about what’s coming up next for Shiba Inu. If this trend persists, it might hint at a significant advancement for the cryptocurrency. The market will keep a close eye on Shiba Inu’s price fluctuations, seeking indications of consistent growth or possible reversals.
SHIB price action
Over the past 24 hours, the price of Shiba Inu has risen, similar to other digital assets. Currently, SHIB is valued at approximately $0.000022, representing a 3.78% increase within that period. Moreover, it has also experienced a 5.52% growth over the past 24 hours.
As a researcher observing the cryptocurrency market, I noticed that Shiba Inu encountered a significant low point at $0.00001960 on January 13th. This marked a halt in its descending trend and the beginning of an upward recovery. Over the subsequent two days, Shiba Inu continued to rise steadily, eventually reaching a high of $0.00002284 by January 15th.
As you ascend, the significant challenge ahead is found at the daily Simple Moving Average (SMA) 50, which stands at approximately $0.00002485. Breaking above this point could initiate a stronger surge. On the other hand, the daily SMA 200 at around $0.000019 serves as a crucial support level for SHIB to preserve its upward trend.
Currently, Shiba Inu is moving sideways, trapped between its short-term (50) and long-term (200) daily moving averages, anticipating a significant price shift in the near future.
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2025-01-16 17:58