Shiba Inu, a popular meme-inspired cryptocurrency, has seen a massive flow of SHIB to key exchanges.
Data from Arkham indicates that Coinbase, Binance, Robinhood, Cumberland, and Wintermute collectively received 6.84 trillion SHIB within the last 24 hours. This activity underscores the sustained confidence investors have in Shiba Inu, with the US market exhibiting notable enthusiasm for the cryptocurrency.
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This substantial inflow comes as Shiba Inu’s price maintains a consolidation phase of around $0.00003. Despite this stability, Shiba Inu continues to experience high trading activity. Data from CoinMarketCap reveals that within the last 24 hours, the cryptocurrency recorded a $1.7 billion trading volume – significantly surpassing Cardano, an asset with a higher market capitalization.
Shiba Inu’s Popularity in the United States
Shiba Inu continues to resonate strongly with American investors. ConsenSys, a leading blockchain technology firm founded by Ethereum co-founder Joseph Lubin, recently conducted a comprehensive survey to gauge investor interest in the cryptocurrency market.
The survey conducted revealed that US-based investors hold larger allocations of Shiba Inu compared to Solana (SOL) and Cardano (ADA). In terms of invested assets highlighted in the survey, SHIB only ranks behind Bitcoin, Ethereum, Dogecoin, and Binance Coin (BNB).
Factors Contributing to Interest
Shiba Inu’s sustained popularity can be attributed to a combination of factors, including:
Community-Driven Momentum: The Shiba Inu community, affectionately known as the “Shib Army,” is recognized for its passionate and dedicated following. This strong community actively promotes cryptocurrency, generating social media buzz and attracting new investors.
Scarcity Potential through Token Burns: Shiba Inu incorporates burn mechanisms where a portion of tokens is permanently removed from circulation. These burns aim to increase scarcity over time, potentially boosting SHIB’s value and making it more appealing to investors who seek assets with deflationary tendencies. We earlier reported a community-driven burn of over 13 billion SHIB. This community-led burn further shows the goal-driven nature of the “Shib Army.”
Meme Coin Appeal and Speculative Trading: It’s important to acknowledge that Shiba Inu, Dogecoin (DOGE), maintains a degree of meme coin status. This can lead to price volatility and speculative trading driven by social media trends and influencer endorsements, further contributing to its ongoing market interest.
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Market Outlook
Shiba Inu’s impressive 227% price surge over the past month invites further investor attention as crypto markets remain bullish. Analysts suggest a potential for Shiba Inu to experience an 822% price rally within the coming months, fueled by a combination of renewed market enthusiasm and the anticipated developments within the Shiba Inu ecosystem.
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