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Shiba Inu Recovery: 2.4 Trillion Tokens Moved in 24 Hours
A massive recovery could be on the horizon for Shiba Inu Dog (SHIB)which could bring its price back above the crucial level of $0.00002This is based on the meme coin trading volume in the last 24 hours, which shows that investors have invested heavily in the crypto token.
2.4 trillion Shiba tokens on the move
Data from the IntoTheBlock Market Intelligence Platform shows that 2.4 trillion Shiba Inu tokens have been traded in the last 24 hours, suggesting a wave of accumulation from Shiba Inu WhalesThese whales have been busy over the past few 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 that have traded in the last seven days is 854.29 billion tokens, which was on July 11. This recent spike in The high volume of transactions of the Shiba Inu coincides with the recent rebound in the cryptocurrency market. This suggests that these whales are accumulating more SHIB in anticipation of further price spikes for the meme coin.
These whales are also part and parcel of a potential price increase for the second largest meme coin by market cap, as this accumulation trend could lead to Shiba Inu price discovery and new highs. The first step will be for Shiba Inu to rise above the crucial support level at $0.00002.
The meme coin is not expected to face so much selling pressure once it regains this level and could easily rise to $0.000024 when that happens. This is based on the fact that only about 74 trillion Shiba Inu tokens have been purchased in this period and whales could easily suck up the supply if the wallets that purchased these tokens decide to dump their holdings.
Shiba Inu fundamentals could also trigger price recovery
Data from the Shiba Inu Burn Monitoring website Shibburn shows that the meme coin burn rate has increased by over 870% in the last 24 hours, with over 8.7 million tokens burned during this period. Meanwhile, over 85 million SHIB tokens have been burned in the last seven days. This is significant considering the impact these Token Burns have had an impact on the price of the meme coin, especially now that demand is increasing.
THE SHIB Market It is also expected to be launched quite soon on Shibario Network. This will increase activity on the layer-2 network, which translates into more Shiba Inu burns. Shibarium has already committed to using some of the transaction fees earned on the network to buy and burn Shiba Inu.
At the time of writing, the Shiba Inu is trading at around $0.00001882, down more than 3% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com