As a seasoned researcher with over a decade of experience in the dynamic world of cryptocurrencies, I must say that the recent surge of Shiba Inu (SHIB) has once again piqued my interest. The parallels between this current rally and the 2021 mega bull run are striking, to say the least. The fear of missing out (FOMO) among traders is palpable, fueled by increased on-chain activity, strong volume spurts, and a surge in whale transactions.
In simple terms, the second-largest meme cryptocurrency, Shiba Inu (SHIB), is causing quite a stir in the crypto world again. It has seen a 23% increase over the past day and is approaching $0.0000191. This surge in price coincides with a significant boost in daily trading volumes by around 240%, reaching over $1.36 billion, which resembles the intense bull market of 2021.
Shiba Inu FOMO Kicks In Again
According to data from crypto analysis platform Santiment, Shiba Inu has seen a significant jump of approximately 43% over the past nine days, which coincides with increased on-chain activity. The main factors driving this upward trend are a significant rise in trading volume, an increase in the circulation of SHIB tokens, and a spike in large SHIB transactions that have reached their highest levels in ten weeks. Furthermore, as the social influence of SHIB has grown, there seems to be a growing sense of FOMO (fear of missing out) among traders.
Additionally, the Santiment data indicates that the significant price increase might signal a possible peak. Currently, Shiba Inu’s price stands at $0.00001901 and holds a market capitalization of approximately $11.3 billion, positioning it as the 13th largest cryptocurrency in the market. To reach its February high of $0.000043, supporters (bulls) must break through the resistance at $0.000020 and maintain substantial trading volumes.
The data for derivatives of the world’s second-largest meme coin indicates robustness, as open interest has increased by approximately 65% to over $60 million. Additionally, Coinglass data reveals that Shiba Inu liquidations in the last 24 hours have skyrocketed to $2.23 million, with $1.29 million being from short liquidations. Furthermore, a chart displays a significant uptick in the funding rate, suggesting optimistic feelings among SHIB futures traders regarding the coin’s price movement.
SHIB Price Rally to Continue?
If the price of SHIB exceeds $0.20 with a breakout, it could possibly trigger another 100% surge in the coming weeks. Still, there’s speculation about whether this meme coin can mirror its 2021 bull run, which experienced an astounding increase of 45000% from January to May.
There’s been discussion about the potential rise of Shiba Inu to $1, but achieving that would require a significant surge in trading volume. Moreover, even with the token burn, a vast amount of SHIB (trillions) remains in circulation, making a substantial rally quite challenging.
Meanwhile, the SHIB community has been advancing with the announcement of the launch of their SHI stablecoin this week. Notably, the amount locked in the Shibarium Layer 2 network has reached an all-time high of $3.64 million.
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2024-09-27 07:49