Shiba Inu (SHIB) might be on the verge of a major price jump, potentially pushing its value back above the important $0.00002 mark. This optimism comes from recent trading activity, showing a lot of interest from big investors.
Whale Activity is Heating Up
Data from IntoTheBlock reveals that massive amounts of SHIB have been changing hands. In the past 24 hours, a whopping 2.4 trillion Shiba Inu tokens were traded! This huge volume suggests that “whales” (investors with large amounts of cryptocurrency) are actively buying up SHIB.
These whales have been particularly busy lately. They traded 3.45 trillion tokens on July 16th alone, and the lowest daily volume in the past week was still a massive 854.29 billion tokens. This surge in whale activity coincides with the recent rebound in the cryptocurrency market, suggesting that these big players are getting ready for a big price increase.
Whales Could Push Shiba Inu Higher
This accumulation trend by whales could lead to a significant price surge for Shiba Inu. If the price breaks through the key support level of $0.00002, it could easily climb to $0.000024.
Why? Because there are only around 74 trillion SHIB tokens available at that price level. Whales could easily buy up all of these tokens if those holding them decide to sell.
Other Factors Contributing to a Potential Recovery
Shiba Inu’s fundamentals are also looking strong. The burn rate has surged over 870% in the past 24 hours, with over 8.7 million tokens burned. This means that fewer SHIB tokens are available, which can potentially drive up the price.
The upcoming launch of the SHIB marketplace on the Shibarium network is also expected to boost activity and lead to more Shiba Inu burns. Shibarium will use some of its transaction fees to buy and burn SHIB, further reducing the supply.
Is This the Beginning of a Bull Run?
While Shiba Inu is currently trading below $0.00002, the recent whale activity and strong fundamentals suggest that a significant price recovery could be on the horizon. Whether this leads to a full-blown bull run remains to be seen, but the signs are definitely pointing in a positive direction for Shiba Inu.
