5.7 Trillion SHIB Volume Spike Signals Potential Shiba Inu Price Rally and Bullish Trend for
Alt-coins
Recent bullish news about Shiba Inu’s 5.7 trillion SHIB volume spike may boost SHIB’s price and indicate a potential bullish trend in the market.
Shiba Inu experienced a significant increase in its 24-hour volume of large transactions, indicating a rise in whale activity. This suggests higher potential for increased asset volatility. With the current bullish market conditions, the likelihood of an uptrend grows.
According to IntoTheBlock data from July 8, 2024, Shiba Inu’s large transaction volume spiked to 5.71 trillion SHIB. This notable surge indicates recent active participation from major holders. Such movements typically indicate strategic distribution or accumulation, heightening market interest and volatility.
Shiba Inu is currently recovering from its recent lows, trading at $0.00001964, as shown on the daily SHIB/USDT chart. It has crossed above the 50-day exponential moving average ($0.00001750) and is now nearing the 100-day resistance level.
Breaking out above these levels would indicate a bullish trend, potentially setting SHIB on course for higher targets. The uptick in trading volume contributes to the optimistic outlook. Increased involvement of large investors reflects growing confidence in the asset’s future performance, often preceding significant price movements.
Shiba Inu also benefits from the overall positive sentiment in the cryptocurrency market, bolstered by strong performances from major coins like Bitcoin. This favorable environment could provide SHIB with
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