Top Reasons Why Shiba Inu Aimed For A Weekly High

Shiba Inu is trying to make a comeback with the ongoing greed zone where the prices have surged once more, forming a week-high peak. Despite the crypto market’s recovery from the bearish hits, Shiba Inu hasn’t progressed as much as other meme coins.

So what’s coming next for Shiba Inu? Why the price spiked today? Let’s discuss that in this blog.

Shiba Inu Price Analysis

Shiba Inu is currently trading at $0.00002994 with a week’s surge of 17%. It reached a week’s high of $0.00003154 earlier before falling to the current value. It is currently ranked 11th on the CoinmarketCap with a market capitalization of $1,768,837,971 and a trading volume of $1,767,054,670.

In comparison with the previous day’s data, the market cap and trading volume have decreased today. If we look at the smaller picture, the price achievement isn’t huge for Shiba Inu, but this is the best value SHIB has achieved in the last two years. Speaking of which, it is on a 210% hike from a month ago value.

Why did Shiba Inu Peak Today?

The overall crypto market has shown signs of bullish behavior, where Bitcoin price has surged above the $70K mark, pushing the rest of altcoins into a price rally. Not only that, but the meme coins have noticed a price surge, leading to an increase in the total market cap of meme coins.

Increased Whale Interference

According to the IntoTheBlock data, there was a significant surge in the on-chain activity of Shiba Inu, where the number of larger transactions has increased by 50%. As a result, the number of transactions has increased by 516%, where the transaction moved from 4.79 trillion to 7.23 trillion.

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In a single day, around 539 transactions were above $100,000, which led to the price surge. In those 539 transactions, one single transaction carried $62 million worth of SHIB tokens and transferred it to an anonymous wallet address associated with the Kucoin exchange.

Overall, the whale activity was higher yesterday, which has led to the transaction value increase from $141.7 million to $219.23 million.

SHIB’s Bullish Behaviour

The technical analysis indicated a rounding bottom reversal on Shiba Inu’s chart, carrying signals for a price surge. The analysts has reported that the meme coin has positioned itself on solid ground, aiming for a bullish push in the next few hours.

Throughout the day, SHIB has projected various small-bullish signs, starting with a support level of $0.000024 and moving ahead with four bullish candles on the charts. It’s clearly the signs of a bullish price movement while maintaining momentum.

Conclusion

Shiba Inu is 66% away from its all-time high target, but the continuous small steps might lead to a price surge for better profits. Todays price surged is all because of the increased whale activity. Shiba Inu’s daily transactions surged 516%, causing a bullish trend for the meme coin.

The post Top Reasons Why Shiba Inu Aimed For A Weekly High appeared first on CoinGape.

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