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Shiba Inu: A Deeper Dive into the Recent Bull Run
Shiba Inu, initially a meme coin showcasing a popular Japanese dog breed, experienced a surge in popularity throughout 2021. One of its key attractions is its low entry barrier, offering affordability in comparison to other cryptocurrencies. On March 29, 2024, Shiba Inu boasted a value of $0.00003066 and a market cap of $18,061,851,279, indicating the potential for a bullish trend similar to the trading frenzy seen in Dogecoin’s history.
Influential Factors behind Shiba Inu’s Bull Run
The price of cryptocurrencies is influenced by a variety of factors, with demand playing a crucial role. Crypto values often rise in response to the innovative applications that holders develop for them.
Vitalik’s Endorsement
Recent developments, such as Ethereum co-founder Vitalik Buterin’s praise for Shiba Inu’s resilience, have helped fuel the coin’s bullish run. This endorsement reignited interest in SHIB and led to a significant increase in on-chain activity, evidenced by a 50% surge in transaction volumes, as reported by IntoTheBlock data. The rise in transactions from $4.79 trillion to $7.23 trillion within twenty-four hours indicates a considerable increase in SHIB trading activity on the Ethereum blockchain.
Whale Transactions Take Over
The volume of whale transactions on the Shiba Inu blockchain has notably surged, surpassing $141.7 million, according to analytics from IntoTheBlock. Whales, known for their substantial cryptocurrency reserves, exert significant influence on market dynamics and are expected to drive up cryptocurrency prices and bolster positive momentum.
Aussie Frenzy for SHIB
SHIB’s recent listing on the Australian exchange Bitcoin.com.au, following its acceptance by Australia’s oldest cryptocurrency exchange, CoinJar, has likely contributed to the recent price increase. Surveys during the previous bull market indicated that SHIB outperformed traditional Australian favorites like XRP and Cardano, highlighting its appeal in the Australian market.
KuCoin Transfers 2 Trillion SHIBs
KuCoin witnessed a net outflow of $783 million in the past day, with over $62 million attributed to the transfer of 2 trillion SHIB tokens to an undisclosed wallet. This transfer coincided with ongoing investigations by the Department of Justice and the CFTC into KuCoin and its founders for alleged violations. While the internal SHIB token transfer revealed a regulatory compliance breach, it also sparked renewed interest in Shiba Inu.
Price Prediction of Shiba Inu (SHIB)
Technical analysis suggests that Shiba Inu’s price movement is positive, surpassing its 20-day Exponential Moving Average (EMA) and indicating a bullish trend. With a notable resistance level projected at US$0.000032 or even US$0.000035 while remaining above the EMA20, a drop below the 50-day Simple Moving Average (SMA) may lead to a potential retracement to around US$0.000025. Despite anticipated market fluctuations, the sentiment around SHIB price prediction remains optimistic, boding well for its upward trajectory.
The meme coin market has seen heightened activity as day traders and investors express interest in holding meme currencies long-term. @army_shiba, a day trader on Twitter, recently shared their enthusiasm for meme tokens, particularly highlighting the successes of DOGE and SHIB. This perspective instills positivity for meme coins throughout 2024.
Conclusion
The market resurgence this week has favored memes and AI coins, with Shiba Inu benefiting from a 50 million token burn that has generated excitement among investors. Anticipation of a significant supply reduction has intensified demand and propelled SHIB prices higher. The recent uptick in SHIB price indicates promising prospects for the token in the upcoming year. However, investors must exercise caution, monitor market trends closely, and prepare for potential bidirectional price fluctuations.
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