As a seasoned cryptocurrency analyst with a background in market trends and investor behavior, I have closely monitored the recent developments surrounding Shiba Inu (SHIB). Based on my analysis of the data from various market intelligence platforms and personal experience observing meme coin markets, I am optimistic about the potential for a significant price recovery for SHIB.
There’s a strong possibility that Shiba Inu (SHIB) could experience a significant price surge, potentially reaching beyond the important threshold of $0.00002. This optimistic outlook stems from the impressive trading activity observed in the past 24 hours, indicating substantial investor interest in the cryptocurrency.
2.4 Trillion Shiba Tokens On The Move
According to market intelligence platform IntoTheBlock, approximately 2.4 trillion Shiba Inu tokens were exchanged in the previous 24-hour period, implying significant accumulation by large Shiba Inu token holders, or “whales.” Moreover, data from the same source indicates that these whales traded an impressive 3.45 trillion Shiba Inu tokens on July 16 alone.
It’s worth noting that the smallest quantity of SHIB tokens exchanged in the past week amounts to an impressive 854.29 billion tokens, which occurred on July 11. The surge in significant Shiba Inu transactions during this period aligns with the current market upturn for cryptocurrencies. This observation implies that these large investors could be stockpiling more SHIB in preparation for further price jumps of the meme coin.
The accumulation of these whales plays a significant role in potentially driving up the price of the second largest meme coin, Shiba Inu. Reaching this price surge may lead Shiba Inu into uncharted territory and help it achieve new record highs. The first milestone for Shiba Inu is to surpass the important support level at $0.00002.
Based on my extensive experience in the crypto market and observing market trends, I strongly believe that the meme coin isn’t likely to face significant selling pressure once it recaptures its previous level. This is due to the fact that approximately 74 trillion Shiba Inu tokens were purchased around this price range. Whales, who hold large quantities of these tokens, could easily absorb the supply if the wallets holding these tokens decide to sell their holdings. This dynamic could potentially drive up the price of the coin to reach $0.000024 or even higher. Having witnessed similar market dynamics in the past, I am confident in this assessment.
Shiba Inu’s Fundamentals Could Also Spark Price Recovery
The Shiba Inu burn tracking site Shibburn reports a staggering 870% increase in the Shiba Inu meme coin’s burn rate within the last 24 hours, resulting in over 8.7 million tokens being incinerated during this timeframe. Over the past week, approximately 85 million SHIB tokens have been torched. This development is noteworthy due to the influence burns exert on the coin’s price, particularly as demand continues to surge.
The SHIB marketplace is set to debut on the Shibarium network imminently, leading to heightened action within this layer-2 solution. Consequently, an uptick in network activity will result in a larger number of Shiba Inu tokens being destroyed through burning. Notably, Shibarium has pledged to utilize a portion of the fees generated on the network for purchasing and incinerating SHIB tokens.
Currently, the price of Shiba Inu is approximately $0.00001882 based on market data from CoinMarketCap, representing a decrease of around 3% over the past 24 hours.
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2024-07-19 06:41