$1.46 Billion SHIB in 24 Hours: Here’s What Is Happening
Shiba Inu (SHIB) has experienced an extraordinary surge in trading activity recently, with its trading volume reaching an astounding $1.46 billion in the last 24 hours, equivalent to 74 trillion SHIB tokens, according to CoinMarketCap data. This sudden spike in trading volume can be attributed to the significant increase in SHIB’s price, which has attracted traders eager to take advantage of potential short-term gains. When price volatility rises, it typically leads to higher trading volumes as investors aim to profit from market fluctuations.
Shiba Inu has recently regained traction in the market, resulting in the surge in trading volumes. Santiment, a leading on-chain data provider, highlighted in a tweet the substantial increase in on-chain activity for SHIB as its price soared. This surge in activity has not only been reflected in trading volume, but also in the circulation and whale transactions, which have reached their highest levels in the past 10 weeks. Furthermore, SHIB’s social dominance has also witnessed a significant rise.
As per another tweet from Santiment, the enthusiasm for altcoins persists, with several large caps experiencing substantial increases in discussion rates. Shiba Inu stands out as one of the top trending projects driving the market, with discussions revolving around SHIB and related projects, like Shibarium, skyrocketing alongside the recent price surge.
So, what can we expect for the future of Shiba Inu’s price? The token gained momentum after surpassing the $0.000016 barrier on September 26. It continued its upward trend and broke above the daily Simple Moving Average (SMA) 200 at $0.00002024 on September 27. During Friday’s trading session, Shiba Inu breached the $0.000021 price level, a threshold it had not reached since mid-June, reaching highs of $0.00002169. However, during Saturday’s session, the bulls faced resistance, and the price reached highs of $0.00002146.
If the bulls can sustain a breach above $0.000020, Shiba Inu’s rally could prolong and potentially reach $0.000029. As of now, SHIB has witnessed a 1.20% increase in the last 24 hours, trading at $0.00001973, and has seen a weekly gain of 36%.
On the other hand, if the SHIB price falls from its current level, it may indicate profit-taking by traders. A break below $0.000018 could suggest a few days of range-bound trading between $0.000014 and $0.000020.
The surge in trading volume and price for Shiba Inu has undoubtedly caught the attention of the crypto community. With the market eagerly watching its next move, all eyes are on SHIB to see if it can sustain its upward momentum in the coming days.