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Shiba Inu price peaked at $0.000026 on May 16, but with the Gamestop rally spurring bullish retail activity across the memecoin market, can SHIB sustain the upward momentum? SHIB Price Surges amid Memecoin Mania The Gamestop (GME) saga from 2021 saw large institutional investors book billions of losses amid a coordinated rogue retail demand frenzy. Lingering nostalgia from that landmark event has bled into the crypto memecoin market this week. Shiba Inu (SHIB) price now also looks set to join the memecoin mania with a potential parabolic breakout. Shiba Inu SHIB Price Action At the time of publication on May 16, SHIB is exchanging hands at $0.000025 apeice, having recorded a 20.77% surge in the last 3 trading days. The SHIB price uptrend above aligns with growing bullish sentiment surrounding the global memecoin market. Since the Gamestop fanfare broke out around May 12, the memecoin market has witnessed significant capital inflows. The likes of Dogecoin (DOGE) and Dogwifhat (WIF) have scored double-digit gains, while PEPE has raced to a 90% rally for the month, breaking new all-time highs on May 14. SHIB Trading Volume Skyrockets $155M as Bulls Eyes Further Upside In further affirmation of Shiba In’s bullish outlook, on-chain data shows investors have rapidly piled on additional capital into the SHIB markets this week. Santiment’s trading volume chart below tracks the dollar value of daily transactions involving SHIB on a given day. – Advertisement – Shiba Inu Price vs SHIB Trading Volume | Santiment Shiba Inu investors traded $18.9 million worth of SHIB at the start of the week on May 12. But according to the chart above, that figure has now surged to $174.5 million worth of trades executed on May 16. This $155 million increase in trading volume represents almost a 1,000% spike in SHIB spot markets…

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Filed under: News - @ May 17, 2024 1:16 am