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After a brief period of market volatility, Shiba Inu (SHIB) has recovered nicely with a 12% recovery. The dog-themed meme coin has recorded more growth than the broader crypto market, which saw a 1.78% increase within the same time frame.
Can SHIB price hit $0.000015 amid stagnant volume?
According to CoinMarketCap data, Shiba Inu was trading at $0.00001368, which reflects a 5.77% increase as of this writing. The price gain comes as bullish sentiment over large transactions suggests that the market could be anticipating a further increase.
Notably, there has been a massive increase in whale transactions. In the last 48 hours, these large holders’ activities rose by over 525%. As per the report, many of the transactions were valued at between $1 million and $10 million, indicating soaring interest in SHIB.
This has supported Shiba Inu’s upward climb as the meme coin set eyes on the $0.000015 target. The ecosystem is also tightening supply by increasing the burn rate. Within this period, Shiba Inu has carried out more burns with figures reaching as high as 3,400%.
Despite these efforts, however, investors remain cautious. In the last 24 hours, trading volume has not picked up as the price rose, negating the bull rally. Volume remains in the red zone by 28.44% at $228.63 million. This low volume could impact Shiba Inu’s upward journey and halt the rally.
SHIB developer pushes for community unity
Amid these developments, Kaal Dhairya, Shiba Inu developer, has maintained that the team will focus on building unity. He noted that the community allowed external forces to put pressure on it and push SHIB out of the top 10. Dhairya appears set to empower the ecosystem to achieve this.
However, Dhairya’s proposal of an election to select a SHIB president has met with backlash. Many in the community have expressed their reservations and describe the proposal as a distraction. They insist that restoring trust in the meme coin is more important than electing a president.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team