Shiba Inu’s Price Sparks by 23%: What’s Driving the Surge in SHIB Price and What Comes Next?
The Shiba Inu (SHIB) cryptocurrency has experienced a notable surge, with a 23% increase in value over the last 24 hours, approaching $0.0000191. This surge has also been accompanied by a remarkable 240% increase in daily trading volumes, surpassing $1.36 billion. Santiment, a crypto analytics platform, has reported a 43% surge in SHIB over the last nine days, driven by heightened on-chain activity, increased trading volume, robust SHIB circulation, and a surge in SHIB whale transactions to 10-week highs.
SHIB Position
The current price of Shiba Inu stands at $0.00001901, with a market cap of $11.3 billion, positioning SHIB as the 13th largest cryptocurrency in the market. However, Santiment’s data suggests that the sharp price rise may indicate the potential for a local peak. To achieve a SHIB price level similar to the February high of $0.000043, bullish momentum would need to drive a breakout above $0.000020 accompanied by robust trading volumes.
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SHIB Liquidations
According to Coinglass data, it reveals that 24-hour Shiba Inu liquidations have reached $2.23 million, with short liquidations accounting for $1.29 million. Furthermore, a notable surge in the funding rate depicted in the chart indicates a bullish sentiment among SHIB futures traders.
Looking at the potential continuation of the SHIB price rally, a breakout above $0.20 could pave the way for another immediate 100% rally in the following weeks if the bulls manage to sustain the momentum. However, there is uncertainty among investors about whether the meme coin can replicate the remarkable 2021 bull run, which saw a surge of 45000% between January and May.
Race to $1
Ambitious forecasts for the Shiba Inu rally reaching $1 would require an exponential surge in trading volume. Additionally, despite ongoing burn efforts, the substantial number of SHIB tokens still in circulation could pose a challenge for such a massive rally.
On the positive side, the SHIB ecosystem has shown progress with the recent announcement of the SHI stablecoin launch. Furthermore, the total value locked (TVL) on the Layer 2 network Shibarium has reached a new high of $3.64 million.
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Dr. Olajide Samuel juggles the demands of medical studies with a passion for cryptocurrency. A seasoned blogger, Olajide shares his vast global knowledge of the crypto space, offering insights to enthusiasts. Despite his busy schedule, his commitment to crypto remains strong, and he actively seeks ways to contribute to its future.
