Shiba Inu Coin (SHIB) has shown signs of a strong recovery in recent market performance, and its price could rise back above the critical level of $0.00002. SHIB’s trading volume has increased significantly in the past 24 hours, indicating a surge in investor interest in the crypto token.
According to market intelligence platform IntoTheBlock, the trading volume of Shiba Inu Coin reached 2.4 trillion in the past 24 hours, suggesting that whales are actively hoarding this meme coin. On July 16, whales also traded 3.45 trillion SHIB tokens, while on July 11, the lowest number of SHIB tokens traded by these whales was only 854.29 billion.
This spike in volume coincides with the recent overall rally in the cryptocurrency market, suggesting that whales are preparing for a potential price rally in Shiba Inu Coin. Massive accumulation by these whales could push SHIB into a price discovery phase and help it reach new heights. A break above the critical support level of $0.00002 would be an important first step.
Outlook and Price Prediction
Once Shiba Inu Coin recaptures the $0.00002 level, it is expected that it will not face much selling pressure, and it is expected to rise further to $0.000024. This prediction is based on the fact that there are currently about 74 trillion SHIB tokens in circulation. If these token holders decide to sell, whales have the ability to easily absorb these sales.
Fundamental factors drive
In addition to whale activity, Shiba Inu coin’s fundamentals could also spark a recovery in price. According to Shibburn, a Shiba Inu burn tracking site, SHIB’s burn rate surged by more than 870% in the past 24 hours, destroying more than 8.7 million tokens. In the past seven days, more than 85 million SHIB tokens have been destroyed.
This massive token burn has a particularly significant impact on SHIB’s price amid rising demand. As supply decreases and market demand increases, the price of Shiba Inu Coin is expected to gain new momentum.
Summarize:
Taking into account the active accumulation of whales and the large-scale token destruction, Shiba Inu Coin (SHIB) is expected to usher in a massive recovery. Breaking through the critical support level of $0.00002 will be an important step for SHIB to move towards new highs.
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