Shiba Inu (SHIB) has surged back into the spotlight with a 23% price increase over the past 24 hours. Currently trading close to $0.0000191, SHIB has also seen a significant boost in trading volume, which has jumped by 240%, exceeding $1.36 billion. This dramatic rise has sparked excitement among investors, reminiscent of the major bull run seen in 2021.
Key Drivers Behind Shiba Inu’s Price Surge
According to Santiment, Shiba Inu has gained 43% over the past nine days, driven by heightened on-chain activity. Investors are also taking note of SHIB’s rapid increase in trading volume. Additionally, whale activity has reached its highest levels in 10 weeks. Large transactions by these whales are considered one of the primary factors fueling this price rise.
As SHIB’s popularity on social media continues to grow, the FOMO (fear of missing out) among investors is intensifying. More and more traders are seeking to capitalize on this surge. However, some analysts are warning that this sharp price increase could signal a local peak.
Shiba Inu’s Activity in Derivatives Markets
Shiba Inu has also seen a notable uptick in derivatives market activity. Open interest has soared by 65%, surpassing $60 million. This suggests that investors are expecting significant gains from SHIB’s price movements. According to Coinglass, $2.23 million in SHIB futures were liquidated over the past 24 hours, with $1.29 million of that coming from short positions. Rising funding rates in SHIB futures further reinforce investor optimism. Many believe that SHIB could climb to even higher levels in the near future, boosting speculation of further price increases.
Can Shiba Inu Continue to Climb?
If Shiba Inu manages to break through the $0.20 level, a further 100% increase in the short term could be possible. Yet, investors are questioning whether SHIB can replicate the 45,000% rally witnessed in 2021. Such a massive rise would require a much larger trading volume, and the circulation of trillions of SHIB tokens may make this level of growth more challenging to achieve.
Shiba Inu and Two Other Altcoins to Watch: Exchange Movement
Meanwhile, the Shiba Inu ecosystem continues to expand, with ongoing development of the SHI stablecoin project. The total value locked (TVL) on Shibarium, its Layer 2 network, has reached a new record of $3.64 million. With these projects in motion, SHIB could experience further growth in the future.
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