Shiba Inu started as a meme coin featuring a popular Japanese dog breed, gaining rapid popularity in 2021. Its appeal lies in its low entry barrier, which remains affordable compared to other cryptocurrencies. Shiba Inu’s 300% surge in less than a month is reminiscent of Dogecoin’s trading frenzy. With a value of $0.00003066 and a market cap of $18,061,851,279 on March 29, 2024, SHIB offers potential for a bullish trend.
Influential factors behind Shiba Inu bull run
A multitude of factors influence cryptocurrency prices. It is widely held that the value of a cryptocurrency is directly correlated with its demand, which frequently stems from the inventive applications its holders can devise.
Vitalik’s Endorsement
The bullish run of Shiba Inu may have been influenced by recent developments, such as Ethereum co-founder Vitalik Buterin’s laudation of SHIB’s resilience, which rekindled interest in the coin and led to a substantial surge in on-chain activity, with substantial transaction volumes increasing by 50%, as reported by IntoTheBlock data. The twenty-four-hour increase in transactions from $4.79 trillion to $7.23 trillion indicates a surge in SHIB trading activity on the Ethereum blockchain.
Whales Transactions Take Over
The volume of whale transactions on the Shiba Inu blockchain has increased substantially, surpassing $141.7 million, as reported by the blockchain analytics platform IntoTheBlock. The upsurge in whale activity, which is well-known for its substantial cryptocurrency reserves, is anticipated to increase the price of cryptocurrencies and amplify favorable momentum, given the considerable influence whales have over market dynamics.
Aussie Frenzy for SHIB
The impact of SHIB’s recent listing on the well-known Australian exchange, Bitcoin.com.au, following its acceptance by Australia’s oldest cryptocurrency exchange, CoinJar, in 2021, may also have added to any new price increase. According to a recent survey conducted during the previous bull market, SHIB even outperformed some of the Aussie market’s traditional favorites, like XRP and Cardano.
KuCoin transfers 2 trillion SHIBs
A net discharge of $783 million has occurred from KuCoin in the past twenty-four hours, of which more than $62 million was lost on the transfer of 2 trillion SHIB tokens to an unidentified wallet. The transfer occurs concurrently with investigations by the Department of Justice and the CFTC into KuCoin and its founders for violations of the Bank Secrecy Act and unlicensed money transmission. Although the internal SHIB token transfer brought to light a violation of regulatory compliance, it also effectively drew fresh interest to Shiba Inu.
Price Prediction of Shiba Inu (SHIB)
The price movement of Shiba Inu has been extremely positive, surpassing its 20-day Exponential Moving Average (EMA) and suggesting that the trend is bullish. Technical analysis predicts a notable resistance level at US$0.000032, if not US$0.000035, as long as it stays above the EMA20. However, if the price falls below the 50-day Simple Moving Average (SMA), there is a chance that it could retrace and potentially drop to the US$0.000025 level. Given the potential for market fluctuations, it’s worth noting that the SHIB price prediction states a sentiment that is optimistic, which is advantageous for SHIB’s upward trend.
At present, the meme coin market is teeming with activity as day traders and investors attempt to retain meme currencies for an extended period of time. A day trader by the handle @army_shiba recently took to Twitter to declare their love for meme tokens. They emphasized the noteworthy achievements of DOGE and SHIB, thereby demonstrating an optimistic outlook on meme coins as a whole in 2024.
Conclusion
The market has rebounded this week, and memes and AI coins have capitalized on the upbeat sentiments. The 50 million token burning for Shiba Inu has generated considerable anticipation among investors regarding a substantial reduction in supply. This has generated enthusiasm and increased demand for SHIB prices to surge further. The recent one-zero increase in the price of SHIB suggests that the token has a bright future in the coming year. Conversely, investors must maintain vigilance, closely monitor market trends, and be prepared for potential bidirectional price fluctuations.
