Shiba Inu on Major Bullish Edge as 2.6 Billion SHIB Traded in 24 Hours

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As a seasoned financial analyst with a deep understanding of the cryptocurrency market, I have closely monitored Shiba Inu’s (SHIB) recent bullish trend and I am genuinely impressed by its consistent uptrend this week. Having followed the token’s progression since its inception, I can attest to its unique success story as both an altcoin and a meme coin.

Shiba Inu (SHIB) is experiencing a bullish momentum, with its price rising by nearly 3.54%, or $0.00001937, over the last 24 hours. This uptrend marks the token’s fifth consecutive weekly gain, boosting its value by as much as 16.62% in just seven days.

Shiba Inu bullish trend

Shiba Inu has made a name for itself as both a thriving altcoin and a popular meme coin. Recently, the token’s value has surged, causing its market capitalization to surpass that of Avalanche (AVAX) once more. At present, Shiba Inu boasts a market valuation of $11.43 billion, while Avalanche trails slightly behind with a valuation of $11.33 billion.

Avalanche serves as a means to assess Shiba Inu’s expansion, but the primary objective for the token reaches beyond this goal. Initially, Avalanche aims to help Shiba Inu surpass the resistance level at $0.00002. Should it succeed, it would signify that SHIB is breaking one of its most prolonged downward trends this year.

Despite requiring several months to reach the $0.00001 mark, recent data suggests significant growth on the horizon. A clear sign of this potential is the substantial trading activity observed over the past 24 hours.

As a researcher studying the Shiba Inu cryptocurrency market, I’ve observed a significant decrease in losses for this metric, amounting to over 2.6 billion SHIB traded within the past 24 hours. This finding is backed up by the strongly positive sentiment prevalent throughout the Shiba Inu community.

How high can SHIB rise?

Shiba Inu is showing fascinating development patterns at present, potentially propelling its value past the current goal of $0.00002 and towards a peak of $0.000025 by month’s end.

If the rally persists and large investor whales maintain their significant purchases, while the underlying ecosystem remains strong, there is a good chance that the token will experience substantial growth in the future.

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2024-07-17 12:53