Shiba Inu (SHIB) has ignited a fresh wave of excitement in the crypto market, with a dramatic 23% price increase over the past 24 hours, pushing its value closer to $0.0000191. This surge is accompanied by a significant uptick in daily trading volumes, which have skyrocketed by 240% to exceed $1.36 billion, evoking memories of the coin’s massive bull run in 2021.
In the past nine days, SHIB has surged 43%, driven by heightened on-chain activity and increased transactions among large holders. Data from crypto analytics firm Santiment indicates that this recent rally is fueled by a surge in SHIB circulation and whale transactions reaching ten-week highs. The increased social dominance of SHIB is also contributing to a growing sense of FOMO (fear of missing out) among traders.
Current market data shows that SHIB is trading at $0.00001901 with a market capitalization of $11.3 billion, positioning it as the 13th largest cryptocurrency. For SHIB to revisit its February peak of $0.000043, the price must break above $0.000020 with sustained high trading volumes.
Derivatives data further underscores the bullish sentiment surrounding SHIB. Open interest has surged by 65%, surpassing $60 million. Coinglass data reveals that 24-hour SHIB liquidations have climbed to $2.23 million, with $1.29 million attributed to short liquidations. Additionally, the funding rate for SHIB futures has increased, indicating positive sentiment among traders.
Looking ahead, if SHIB breaks above the $0.000020 threshold, there is potential for a further 100% rally in the coming weeks. However, investors are pondering whether SHIB can replicate its extraordinary 45,000% increase observed between January and May 2021.
Calls for SHIB to reach $1 persist, but achieving such a milestone would require an exponential increase in trading volume. Despite ongoing burn efforts, trillions of SHIB tokens remain in circulation, posing a challenge for such a significant rally.
On a positive note, the SHIB ecosystem continues to make strides with the upcoming SHI stablecoin launch and the total value locked (TVL) on the Layer 2 network, Shibarium, reaching a new high of $3.64 million.
Related topics:
Unbelievable! Latin America Gets a Massive Bitcoin Boost – Find Out Who’s Behind It!
The Rise, Fall, and Future in the U.S. Market
From $3,000 to a Fortune: How BlockDAG Could Be Your Next Big Crypto Win
