u.today
Dog-themed Shiba Inu ($SHIB) has witnessed significant movement in the broader cryptocurrency space as the meme coin continues on its price recovery. A staggering 253,000,000,000 $SHIB tokens hit Binance, the world’s biggest crypto exchange, in 24 hours. The Binance $SHIB trading volume jumped by over 14% in 24 hours, per CoinMarketCap data.
Massive $SHIB movement sparks price concerns
The sheer volume of transactions has shocked the $SHIB community. Notably, some of the transactions were driven by $SHIB whales, who have decided to participate in ongoing market activities.
In the last seven days, $SHIB has steadily climbed above the $0.000015 level as it struggles to breach critical resistance levels.
This latest transaction signals that $SHIB holders, particularly whales and retail traders, could have decided to open positions on Binance. Generally, when traders, either whales or retail, engage in intense trading activities, it signals a potential trend shift.
Analysts say if such staggering volume hits the market, it could sustain $SHIB’s recovery journey. That is, the volume might overwhelm the market bears and help $SHIB push for a new rally. It could trim the losses already recorded by Shiba Inu.
With historic precedents signaling a positive trend ahead, analysts still advocate caution across the board.
Will $SHIB's price hold or crash?
As of this writing, $SHIB price was changing hands at $0.00001668, a mild 1.04% increase in the last 24 hours. The meme coin remains way above the $0.000015 support level.
$SHIB still has a lot of grounds to cover as it continues its uphill climb to the $0.00002205 level it traded at about 30 days ago.
Experts believe beyond the daily burn rate, the $SHIB community could also push the token for more rallies ahead. For instance, market participants have pulled back slightly, as the trading volume indicates. This has dropped by 2.86% to $279.52 million within the last 24 hours.