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The dog-themed Shiba Inu ecosystem is registering bullish market activity as over 13 billion SHIB tokens recently hit different crypto exchanges. According to CoinMarketCap data, 13.2 billion SHIB were traded in the last 24 hours, atop 13% growth.
Shiba Inu market volume soars
The value of the SHIB tokens transacted is approximately $159.98 million at the current market rate. While it might seem like a small drop, it signals that SHIB holders have again rekindled their interest in the asset as it begins its upward rebound.
This development comes after the meme coin posted 7.18% growth in the last 30 days. The recent uptick in trading volume by SHIB holders signals that users are gearing up for a possible rally ahead.
As of press time, the SHIB price was changing hands at $0.00001360, representing an increase of 3.19% in the last 24 hours.
This price level is significant to SHIB holders as it is a primary breakout zone for the meme coin. This knowledge could have catalyzed market participants, who have ramped up their activity in anticipation of an upward move.
As earlier reported by U.Today, many holders are bullish about May for SHIB. Market participants hope this month will mirror SHIB’s activity in May 2024, when the meme coin registered an average gain of 13.2%.
If the dog-themed coin moves like it did in 2024, the price could reach the $0.0000236 level, as its historical trend supports it.
SHIB users remain optimistic about May rally
Beyond the current transaction, within the week, a SHIB millionaire transferred approximately 10% of their fortune to a major European exchange. A massive 12 billion SHIB were transferred to Bitvavo from a wallet with about $1.5 million in crypto assets.
The move has sparked speculation among community members as to the millionaire user's intent. It could signal a one-off sale or the first in a series of liquidations. Whatever happens, SHIB holders remain optimistic that May might turn out bullish.
Vladislav Sopov
Dan Burgin