Shiba Inu (SHIB) has skyrocketed again with a 23% price increase in the past 24 hours. Currently trading near $0.0000191, SHIB has also seen a significant increase in trading volume, up 240% to exceed $1.36 billion. This significant increase has sparked excitement among investors, reminiscent of the massive bull run seen in 2021.

Key factors driving up Shiba Inu prices

According to Santiment, Shiba Inu has surged 43% in the past nine days, fueled by increased on-chain activity. Investors are also taking note of the rapid increase in SHIB's trading volume. Additionally, whale activity has hit a 10-week high. Large transactions by these whales are considered one of the main factors driving this price increase.

As SHIB’s popularity on social media continues to grow, FOMO (fear of missing out) among investors is on the rise. More and more traders are looking to capitalize on this surge. However, some analysts warn that this sharp price increase could signal a local top.

Shiba Inu's performance in the derivatives market

Shiba Inu also saw a significant increase in derivatives market activity. Open interest jumped 65% to over $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 in the past 24 hours, with $1.29 million coming from short positions. The rising funding rate in SHIB futures further bolsters investor optimism. Many believe that SHIB could climb even higher in the near future, fueling speculation that the price will continue to rise.

Can the Shiba Inu continue to climb?

If Shiba Inu breaks above $0.20, a further 100% increase in the short term is possible. However, investors are questioning whether SHIB can repeat the 45,000% increase it saw in 2021. Such a large increase would require much larger trading volume, and the trillions of SHIB tokens in circulation could make such growth more difficult to achieve.

Shiba Inu and Two Other Altcoins to Watch: Exchange Volatility

Meanwhile, the Shiba Inu ecosystem continues to expand, with the 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 underway, SHIB is likely to continue to grow in the future.