Shiba Inu Just Ballooned To 124% Whats 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 Bitcoins impressive rise above $63,000.
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.
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.
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 doesnt guarantee future results, this rising market cap does suggest a return of investor confidence.
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 SentimentAn 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 TidesMeanwhile, 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.
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 SHIBs price. However, its important to remember that this is a singular instance.
Featured image from Pexels, chart from TradingView
Read more: https://www.newsbtc.com/shiba-inu/shiba-inu-just-ballooned-to-124-whats-pushing-the-price-up/
Text source: NewsBTC
