Shiba Inu Just Ballooned To 124% – What’s Pushing The Price Up?
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.
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