Shiba

Pepe Coin

Shiba Inu

Shiba Inu (SHIB) has experienced a remarkable surge in recent times, mirroring the broader optimism sweeping the cryptocurrency market. This uptrend coincides with Bitcoin’s impressive rise above $63,000. 
<h2 id="strong-shiba-inu-explodes-on-the-weekly-timeframe-strong">Shiba Inu Explodes On The Weekly Timeframe</h2> 
The memecoin has witnessed <a href="https://www.coingecko.com/en/coins/shiba-inu" target="_blank" rel="noopener nofollow">significant gains,</a> with a solid 61% jump in a 24-hour timeframe, a more impressive 124% increase over the week, and a stellar 50% growth in the past month. 
Notably, SHIB has finally clawed its way into positive territory for 2023, boasting a 10% gain since February. In addition to this, its market capitalization crossed the $8.5 billion barrier for the first time in a year. 
This bullish momentum is further bolstered by technical indicators. The recent price climb above $0.000014 has demonstrably reignited investor interest, as evidenced by the substantial 75% surge in trading volume. This suggests a potential breakout from a previous consolidation phase and could signal further upward movement if buying pressure persists. 
<h2 id="strong-market-strength-and-bull-run-potential-strong">Market Strength And Bull Run Potential</h2> 
The total market capitalization of cryptocurrencies is nearing $2.5 trillion, a significant milestone. This uptick has fueled speculation among some analysts for a potential bull run, a period of sustained price increases. While past performance doesn’t guarantee future results, this rising market cap does suggest a return of investor confidence. 
<img loading="lazy" decoding="async" class="aligncenter size-full" src="https://www.tradingview.com/x/SG1mNhy9/" width="1835" height="883"> 
These often highly volatile assets have experienced explosive price jumps, potentially contributing to a positive feedback loop within the broader market. This “meme coin frenzy” could be a sign of increased retail investor participation, which can be a double-edged sword, driving prices up but also increasing volatility. SHIB Investor Sentiment 
An interesting technical indicator is the improvement in Shiba Inu (SHIB) investor sentiment. Data suggests that over 50% of SHIB holders are currently sitting on profits, compared to a mere 10% in September 2022. This shift reflects the positive impact of the recent price increase and could further fuel buying pressure if the trend continues. Shifting Tides 
Meanwhile, on-chain data from Lookonchain indicates a sizeable investor, commonly referred to as a “whale,” has made a strategic shift in their holdings. This whale liquidated nearly 2 trillion PEPE tokens, profiting $3.5 million. This divestiture suggests the whale perceived PEPE to be nearing a price peak or no longer aligned with their investment goals. 
<img loading="lazy" decoding="async" class="aligncenter size-full wp-image-595953" src="https://www.newsbtc.com/wp-content/uploads/2024/03/a_0eb000.png?resize=859%2C742" alt="" width="859" height="742" srcset="https://www.newsbtc.com/wp-content/uploads/2024/03/a_0eb000.png?resize=859%2C742?w=859 859w, https://www.newsbtc.com/wp-content/uploads/2024/03/a_0eb000.png?resize=859%2C742?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/03/a_0eb000.png?resize=859%2C742?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/03/a_0eb000.png?resize=859%2C742?w=750 750w" sizes="(max-width: 859px) 100vw, 859px" data-recalc-dims="1"> 
Following the PEPE sale, the whale reinvested a portion, $893,000, into Shiba Inu (SHIB). This strategic allocation of 76 billion SHIB tokens suggests the whale anticipates potential growth in SHIB’s price. However, it’s important to remember that this is a singular instance. 
Featured image from Pexels, chart from TradingView

Shiba Inu Just Ballooned To 124% – What’s Pushing The Price Up?

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