Shiba Inu is among the first few cryptocurrencies that have overcome the market downfall with its last 24 hours of gains. The token was down for days and finally started the recovery along with a few other meme coins. However, the crypto market is still on the low-performing days as the global market cap is stuck at $2.33 Trillion but has lifted 4.66% today, which is a good sign.

In this blog, let us discuss what is happening with Shiba Inu price and the reasons behind this surge.

Shiba Inu Price Analysis

After days of sinking values, the Shiba Inu price has recovered a little from earlier, as the token has surged 8% in the last 24 hours. The meme coin is presently trading at $0.0000278 with a market cap of $14,676,151,630, which has also surged 7.14%. Moreover, the trading volume is also up by 8%, pushing the value to $761,369,172.

Though there is this price surge after days of facing price drops due to the market’s influence, there is still a long way to go. Shiba Inu had earlier risen to $0.00003592 at the start of March, the highest point Shiba Inu has achieved in two and a half years. So, another similar peak is required to make the best out of the Shiba Inu price.

Whales Taking Shiba Inu Price To The Moon

The Robinhood exchange has faced a large Shiba Inu token execution by the whales where a single whale has collected 1.75 trillion $SHIB tokens, worth more than $40 Million.

As per the whale alert reports, the whale has performed two huge transactions, each carrying  875 billion SHIB ($20 Million) from the Robinhood to an unknown wallet address.

875,000,000,000 #SHIB (19,666,682 USD) transferred from #Robinhood to unknown wallethttps://t.co/hxSvwFxC0E

— Whale Alert (@whale_alert) May 1, 2024

This whale interference had definitely helped the token in its recent surge. Also, the crypto investor Ali Martinez has revealed the formation of the bull flag in the Shiba Inu charts, indicating better gains in the next few days. As per his prediction, the chances are high for the Shiba Inu price to surge to $0.000072323 once the token surged above $0.000018343, which has already happened.

#ShibaInu appears to be forming a bull flag on the daily chart! I’m placing buy orders around $0.000018343, aiming for a bullish breakout that sends $SHIB to $0.000072323.

So, if you want to join me in this trade, head to @coinexcom and sign up using my referral link… pic.twitter.com/er1gE0lozV

— Ali (@ali_charts) May 1, 2024

650K Shiba Inu Wallet Addresses In Profit Despite Low Value

According to On Chain analytics, more than 65000 Shiba Inu wallet addresses carrying 733 trillion SHIB tokens have shown gains. More importantly, the wallets bought the SHIB token between the price range ranging from $0.000002 to $0.000022, with an average price of $0.000011.

Analysts believe that the community support for Shiba Inu is still strong as the holders kept the SHIB on HODL despite the fall. The Shiba Inu investors are waiting for better gains, but the rest of the traders are shifting towards short-term tradings to make the best out of the short volatile gains with the cryptocurrencies under $1.

Read More 3 Free Crypto Airdrops To Claim In May 2024

The post What’s Happening With Shiba Inu Price? Huge Gains Coming appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am