Shiba Inu (SHIB) has been on a wild ride in the crypto market, experiencing a stunning 51% surge in just under four weeks since July 28
The recent price rally of Shiba Inu coincides with an eye-popping $895.84 million in trading volume, a level not seen since February 6, according to data from Santiment, a renowned crypto behavioral analytical platform. This surge in volume has bolstered the bullish momentum, attracting more traders looking to capitalize on the upward trend.
Adding to the excitement, the much-anticipated Shibarium launch this month has further fueled interest in the cryptocurrency, driving its value higher.
Data reveals a significant decline in SHIB supply on exchanges, reaching the lowest level since April 2021 and currently standing at 8.29%. This reduction indicates that long-term holders are displaying confidence in the cryptocurrency’s future and are moving their assets to self-custodial wallets. Notably, earlier this month, Shiba Inu investors withdrew a staggering 3 trillion SHIB ($28 million) from exchanges in July, signaling their commitment to holding the tokens and contributing to the ongoing rally.
Expert Opinions On Shiba Inu’s Upward Trajectory
Market analysts and Santiment alike point to multiple indicators suggesting the potential for the rally to continue. With a strong foundation of trading volume supporting the surge, there is optimism that Shiba Inu will attract further interest and maintain its upward trajectory.
While the overall sentiment remains bullish, Shiba Inu has faced some resistance during its recent rally. Over the past two days, the cryptocurrency has retraced 7% of its gains and temporarily dipped below the psychological level of $0.00001. However, SHIB remains above $0.000009, still boasting a considerable 26.81% gain over the past month.
Investors are urged to approach the crypto market with caution, given its inherent volatility. As Shiba Inu continues to make waves, market experts emphasize the importance of conducting thorough research and exercising vigilance before making investment decisions.
Shiba Inu’s impressive 51% rally in such a short time has put the cryptocurrency in the spotlight, attracting significant trading volume and investor interest. While facing resistance in its upward journey, the strong foundation and long-term holder’s confidence provide reasons for optimism. The crypto market continues to evolve, and investors are reminded to stay cautious and well-informed to navigate the fluctuations that come with investing in cryptocurrencies.