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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.
Vladislav SopovThis 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.
Tomiwabold OlajideSHIB 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.
Vladislav Sopov
Dan Burgin