About 24 hours ago, Shiba Inu (SHIB), the meme coin that gained popularity in 2021, saw a significant price increase of about 12% within 24 hours but later faced another downturn.
This surge adds to an overall gain of 9.8% over the past week, propelling SHIB’s price to $0.00002781 at the time of writing. Several key factors appear to be contributing to this positive movement.
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One significant driver behind the recent price hike is the movements of huge tokens by whales within the meme coin market. These investors have been making substantial trades, particularly focusing on SHIB and PEPE.
A recent example involves an anonymous whale who shifted their holdings from PEPE to SHIB. This investor liquidated their 1.97 trillion PEPE tokens, valued at over $6 million, and subsequently used the proceeds to acquire a staggering $75.9 billion SHIB, worth approximately $893 million.
This significant shift in investment strategy from PEPE to SHIB highlights the whale’s confidence in Shiba Inu, potentially influencing other investors and contributing to the overall price increase.
The ongoing speculation about a dedicated Shiba Inu exchange-traded fund (ETF) has generated significant enthusiasm among SHIB holders. Shytoshi Kusama, the lead developer of Shiba Inu, raised the question of a SHIB ETF’s feasibility, sparking community discussions.
Grayscale is also advocating for a SHIB ETF and is nearing its goal of 10,000 signatures in a petition. This strong community support underscores the potential demand for such a financial instrument.
Beyond investor confidence and ETF speculation, Shiba Inu’s market activity has also witnessed a surge in trading volume. Data from CryptoQuant reveals a significant increase in SHIB transactions, with over 5.354 trillion coins, valued at more than $132 million, exchanged within a single day.
This represents a substantial 169% jump compared to the previous day’s trading volume. Reports suggest that this surge is primarily driven by large whale transactions, indicating renewed interest from major investors.
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IntoTheBlock’s data supports this trend by showing a rise in large-scale transactions. There has been a significant increase in transactions ranging from $1,000 to $10 million compared to the previous day. Transactions exceeding $100,000 also saw a notable rise, indicating the involvement of larger investors in the market.
The confluence of whale activity, potential ETF speculation, and increased trading volume paints a cautiously optimistic picture for Shiba Inu’s near future. The recent price surge and underlying market activity suggest a renewed interest and confidence in the meme coin. Only time will tell if this momentum can be sustained and translate into long-term growth for SHIB.
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