A massive recovery could be on the horizon for Shiba Inu (SHIB), which could send its price back above the crucial level of 0.00002. This is based on the Meme currency transaction volume over the past 24 hours, showing that investors are heavily invested in the crypto token.
2.4 Trillion Shiba Tokens on the Move
Data of IntoTheBlock Market Intelligence Platform shows that 2.4 trillion Shiba Inu tokens were traded in the last 24 hours, hinting at a wave of accumulation Shiba Inu WhalesThese whales have been busy in recent days with further data from IntoTheBlock showing that these whales also traded 3.45 trillion tokens on July 16th.
Interestingly, the lowest amount of SHIB tokens they traded in the last seven days was 854.29 billion tokens, which was on July 11. This recent spike The Shiba Inu’s large transaction volume This coincides with the recent rally in the cryptocurrency market. This suggests that these whales are accumulating more SHIB in anticipation of further price increases for the meme coin.
These whales are also essential to a possible surge in prices of second largest meme coin by market cap, as this accumulation trend could lead the Shiba Inu to price discovery and allow it to reach new highs. The first step will be for the Shiba Inu to break above the crucial support level of $0.00002.
The currency itself is not expected to face so many problems sales pressure once it regains that level, it could easily go up to $0.000024 when that happens. This is based on the fact that only about 74 trillion Shiba Inu tokens have been purchased to date and whales could easily absorb the supply if the wallets that bought these tokens decide to dump their holdings.
Shiba Inu fundamentals could also trigger a price recovery
Data from the Shiba Inu Burn Tracker website Shibburn shows that the meme currency’s burn rate has increased by over 870% in the last 24 hours, with over 8.7 million tokens burned during that time. Meanwhile, over 85 million SHIB tokens have been burned in the last seven days. This is significant given the impact that these Symbolic burnings have on the price of the coin itself, especially with increasing demand.
THE SHIB Market should also be launched fairly early on the Shibarium NetworkThis will increase activity on the Layer 2 network, resulting in more Shiba Inu burns. Shibarium has already committed to using a portion of the transaction fees collected on the network to buy and burn shiba inu.
At the time of writing, Shiba Inu is trading at around $0.00001882, down more than 3% in the past 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart by Tradingview.com
