News, Price Analysis

Why Shiba Inu (SHIB) Price is Up Today?

The recent surge in the price of Shiba Inu (SHIB) comes as a boon for holders and traders. It marks a notable uptrend in its performance over the past few days. The surge appears to be primarily driven by increasing buy pressure, signaling a positive turn for SHIB following a period of consolidation.

Key Factors Behind SHIB’s Surge

Today’s 11% surge in SHIB’s price is fueled by several factors, including rumors of the SHIB ETF and a notable uptick in trading activity. The heightened interest in SHIB is reflected in its remarkable year, with its value reaching levels reminiscent of early April. Overall, it has increased by 7% over the past week. At present, SHIB is trading at $0.00002881.

Whale Activity: PEPE Funds Flow into SHIB

Notably, recent whale activity has contributed to SHIB’s recent rise. Lookonchain data showed that an unnamed whale switched large investments from the frog-themed PEPE coin to SHIB, indicating confidence in its future opportunities. This shift, involving the purchasing of $75.9 billion SHIB, shows investor optimism and may have contributed to the current rally.

SHIB ETF Speculation Adds Fuel to the Fire

After ETH ETFs, analysts are expecting SHIB ETF, further fueling market excitement. Despite no formal requests, chief developer Shytoshi Kusama’s query regarding a SHIB ETF’s feasibility and Grayscale’s petition has gathered community support, boosting anticipation.

Trillion Dollar Rise in Transaction Volume 

Next is Shiba Inu’s market activity, which has witnessed notable fluctuations in transaction volumes, with a significant surge observed recently. CryptoQuant’s data indicates that over $132 million in 5.354 trillion coins were traded yesterday, primarily by whale transactions. Large-scale transactions have seen a significant rise, highlighting increased participation from large investors in the SHIB market.

SHIB Flip ADA

In related news, Shiba Inu (SHIB) has reclaimed its spot over Cardano (ADA) in market rankings, marking a significant shift in the crypto landscape. With SHIB now ranking 10th by market cap, its marketing lead announced the milestone on X. Lead developer Shytoshi Kusama’s active presence on X adds to SHIB’s market optimism. 

Plus, Lucie, the Shiba Inu market lead, highlighted a perfect technical analysis score of 100 for SHIB, reinforcing its bullish trajectory. With a market cap of approximately $16.82 billion, SHIB has topped ADA’s $16.5 billion valuation. This surge shows increased investor interest, strategic partnerships, and recent technological upgrades. 

Overall, the achievement follows SHIB’s previous surpassing of ADA during the March 2024 rally, showcasing its resilience and potential for further growth.

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