Shiba Inu Just Ballooned To 124% – What’s Pushing The Price Up?
March 02 2024 - 1:00PM
NEWSBTC
Shiba Inu (SHIB) has experienced a remarkable surge in recent
times, mirroring the broader optimism sweeping the cryptocurrency
market. This uptrend coincides with Bitcoin’s impressive rise above
$63,000. Related Reading: Pepe Coin Soars Over 250% – Will March
Bring More Surprises? Shiba Inu Explodes On The Weekly Timeframe
The memecoin has witnessed significant gains, with a solid 61% jump
in a 24-hour timeframe, a more impressive 124% increase over the
week, and a stellar 50% growth in the past month. Source: Coingecko
Notably, SHIB has finally clawed its way into positive territory
for 2023, boasting a 10% gain since February. In addition to this,
its market capitalization crossed the $8.5 billion barrier for the
first time in a year. This bullish momentum is further bolstered by
technical indicators. The recent price climb above $0.000014 has
demonstrably reignited investor interest, as evidenced by the
substantial 75% surge in trading volume. This suggests a potential
breakout from a previous consolidation phase and could signal
further upward movement if buying pressure persists. SHIB seven-day
price rally. Source: Coingecko Market Strength And Bull Run
Potential The total market capitalization of cryptocurrencies is
nearing $2.5 trillion, a significant milestone. This uptick has
fueled speculation among some analysts for a potential bull run, a
period of sustained price increases. While past performance doesn’t
guarantee future results, this rising market cap does suggest a
return of investor confidence. Bitcoin is now trading at $61.970.
Chart: TradingView.com These often highly volatile assets have
experienced explosive price jumps, potentially contributing to a
positive feedback loop within the broader market. This “meme coin
frenzy” could be a sign of increased retail investor participation,
which can be a double-edged sword, driving prices up but also
increasing volatility. SHIB Investor Sentiment An interesting
technical indicator is the improvement in Shiba Inu (SHIB) investor
sentiment. Data suggests that over 50% of SHIB holders are
currently sitting on profits, compared to a mere 10% in September
2022. This shift reflects the positive impact of the recent price
increase and could further fuel buying pressure if the trend
continues. Shifting Tides Meanwhile, on-chain data from Lookonchain
indicates a sizeable investor, commonly referred to as a “whale,”
has made a strategic shift in their holdings. This whale liquidated
nearly 2 trillion PEPE tokens, profiting $3.5 million. This
divestiture suggests the whale perceived PEPE to be nearing a price
peak or no longer aligned with their investment goals. Related
Reading: BNB Barrels Past $400, As Binance TVL Nears $5 Billion –
Details Following the PEPE sale, the whale reinvested a portion,
$893,000, into Shiba Inu (SHIB). This strategic allocation of 76
billion SHIB tokens suggests the whale anticipates potential growth
in SHIB’s price. However, it’s important to remember that this is a
singular instance. Featured image from Pexels, chart from
TradingView
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