Shiba Inu (SHIB) is one of the most popular and intriguing cryptocurrencies in the market. It has recently achieved a remarkable price increase, reaching US$0.00002835 and a market cap of US$16.14B. This has put SHIB in the spotlight of the crypto world. But what are the factors behind this impressive performance?
Understanding the Surge
The price of SHIB has soared by an astonishing 32.21% in the last 24 hours, thanks to a number of factors. One of them is the high profitability of the network. According to Santiment’s data, as reported by AMBCrypto, SHIB holders have an average unrealized profit of over 31%. This means that most of them are in the green and have not sold their tokens yet. This has drawn the attention of many investors, especially the big ones or “whales” in the crypto space.
The Whale Effect
Whales have a significant influence on SHIB’s price movement. Scopescan, an on-chain analytics firm, has revealed that a whale has recently transferred about US$7.4 million worth of SHIB tokens to the Binance exchange, possibly indicating a selling intention. This large inflow of tokens from whales, along with a spike in whale transactions on March 2nd, shows a major change in market conditions. However, it also poses questions about the possibility of profit-taking and its effect on SHIB’s price stability.
Activation of Dormant Tokens
Another interesting event during SHIB’s rally was the activation of dormant tokens. On March 2nd, a huge amount of SHIB tokens that had not been moved for a long time, totaling 22 trillion, were exchanged. This indicates a bearish sentiment towards SHIB, as some holders may have decided to cash out.
On the other hand, the market sentiment was seen to be in an “Extreme Greed” phase, based on Hyblock Capital’s data, implying a strong bullish sentiment that could encourage more buying and price appreciation.
Technical Analysis and Price Projection
From a technical perspective, SHIB seems to have a good chance of avoiding further decline below US$0.000020. The lower selling pressure implies a potential consolidation above this level, with the opportunity of a 50% increase towards the next target at US$0.000030. However, the upper Bollinger band indicator alerts of a possible bearish reversal, which could result in a support buy-wall formation at US$0.000019. If this support level fails, SHIB could face a significant drop towards US$0.000015.
What is the current price of shiba inu?
The current price of Shiba Inu (SHIB) varies slightly across different sources:
- Coinbase reports the price at $0.000022 per SHIB with a 24-hour trading volume of $3.03 billion.
- Blockworks lists the live price at $0.00002 USD with a 24-hour trading volume of $34.40 million USD.
- CoinGecko indicates the price as $0.00002644 with a 24-hour trading volume of $4,662,305,329.32.
- CoinMarketCap shows the price at $0.000027 USD with a 24-hour trading volume of $4,249,525,177 USD.
- Crypto.com displays the price as US$0.00002167 with a 24-hour trading volume of $6.66 billion.
These sources provide slightly different prices due to variations in real-time trading data and exchange rates.
What are the most popular exchanges to buy shiba inu?
Popular Exchanges to Buy Shiba Inu (SHIB)
When looking to buy Shiba Inu (SHIB), several popular exchanges stand out for their accessibility and user-friendly interfaces. Here are some of the most recommended exchanges based on recent reports:
- Binance: Binance is a reputable cryptocurrency exchange widely used for trading SHIB and other digital assets. It offers a user-friendly platform and is available in many countries.
- Coinbase: Coinbase is another popular exchange known for its ease of use and availability in multiple regions. It provides a secure platform for buying and selling SHIB along with various other cryptocurrencies.
- Kraken: Kraken is recognized as a reliable exchange that supports the trading of Shiba Inu and other cryptocurrencies. It offers a range of features and services for traders.
- eToro: eToro is highlighted as an excellent platform for both beginners and experienced traders looking to buy SHIB. It provides a user-friendly interface and is known for its accessibility.
These exchanges are well-regarded within the cryptocurrency community for their reliability, security, and ease of use, making them popular choices for purchasing Shiba Inu tokens.
Conclusion
To sum up, Shiba Inu‘s recent price rise is the outcome of a mix of factors, such as high profitability, whale activity, etc. While some of these factors add to SHIB’s volatility, they also offer chances for development and innovation. Going forward, SHIB will have to overcome these challenges by improving its utility, engaging its community, and adapting to changing market dynamics. Ultimately, the success of SHIB will depend on its ability to remain competitive and attract the interest of investors in a highly competitive cryptocurrency market.