A massive recovery might 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 coin’s trading volume in the last 24 hours which shows that investors are heavily invested in the crypto token.
2.4 Trillion Shiba Tokens On The Move
Data from the market intelligence platform IntoTheBlock shows that 2.4 trillion Shiba Inu tokens were traded in the last 24 hours, hinting at a wave of accumulation from Shiba Inu whales. These whales have been busy these past few days with further data from IntoTheBlock showing that these whales also traded 3.45 trillion tokens on July 16.
Interestingly, the lowest amount of SHIB tokens they have traded in the last seven days is 854.29 billion tokens, which was on July 11. This recent spike in Shiba Inu’s large transaction volume coincides with the recent rebound in the crypto market. This suggests that these whales are accumulating more SHIB ahead of more price surges for the meme coin.
These whales are also integral to a potential price surge for the second-largest meme coin by market cap, as this accumulation trend could lead Shiba Inu into price discovery and cause it to reach new highs. The first step will be for the Shiba Inu to rise above the crucial support level at $0.00002.
The meme coin isn’t expected to face so much selling pressure once it recaptures this level and could easily rise to $0.000024 when this happens. This is based on the fact that only about 74 trillion Shiba Inu tokens were bought around this around and whales could easily suck up the supply if the wallets that bought these tokens decide to offload their holdings.
Shiba Inu’s Fundamentals Could Also Spark Price Recovery
Data from the Shiba Inu burn tracking website Shibburn shows that the meme coin’s burn rate has spiked 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 burnt in the last seven days. This is significant considering the impact that these token burns have on the meme coin’s price, especially with demand on the rise.
The SHIB marketplace is also expected to launch soon enough on the Shibarium network. This will increase the activity on the layer-2 network, which translates to 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, Shiba Inu is trading at around $0.00001882, down over 3% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
