Shiba Inu (SHIB) could be on the verge of a massive recovery that could see its price rise back above the critical $0.00002 level. This is based on the meme coin’s trading volume over the past 24 hours and suggests that investors are heavily investing in the crypto token.
2.4 Trillion Shiba Tokens in Circulation
Data from market intelligence platform IntoTheBlock shows that 2.4 trillion Shiba Inu tokens were traded in the past 24 hours, suggesting that Shiba Inu whales are starting a wave of coin hoarding. These whales have been busy in recent days, and further data from IntoTheBlock shows that these whales also traded 3.45 trillion tokens on July 16.
Interestingly, their lowest amount of SHIB tokens traded in the past seven days was 854.29 billion, which occurred on July 11. Shiba Inu trading volumes have surged significantly recently, coinciding with the recent rally in the cryptocurrency market. This suggests that these whales are accumulating more SHIB in preparation for a further surge in the price of the meme token.
These whales are also crucial to a potential price surge for the second largest meme coin by market cap as this accumulation trend could see Shiba Inu enter price discovery and carry it to new highs. The first step would be for Shiba Inu to break above the critical support level of $0.00002.
Once this level is recaptured, the meme coin is not expected to face as much selling pressure and could easily move up to $0.000024. This is based on the fact that only about 74 trillion Shiba Inu tokens have been purchased during this period, making it easy for whales to absorb these tokens if the wallets that purchased them decide to sell their holdings.
Shiba Inu's fundamentals could also spark a price recovery
Data from Shibburn, a Shiba Inu burn tracking site, shows that the memecoin burn rate has surged by more than 870% in the past 24 hours, with more than 8.7 million tokens destroyed during that period. Meanwhile, more than 85 million SHIB tokens have been destroyed in the past seven days. This number is significant considering the impact these token burns have on the price of memecoin, especially as demand continues to rise.
The SHIB marketplace is also expected to launch on the Shibarium network soon. This will increase activity on the layer 2 network, which in turn means more Shiba Inu destruction. Shibarium has committed to using a portion of the transaction fees earned on the network to purchase and destroy Shiba Inu.
At the time of writing, the Shiba Inu is trading at around $0.00001882, down more than 3% over the past 24 hours, according to data from CoinMarketCap.
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