Shiba Inu Coin (SHIB) price surges, with three major factors driving its rise
The price of Shiba Inu Coin (SHIB) has increased significantly, with an increase of up to 11%. This figure has undoubtedly caused quite a shock in the cryptocurrency market. So, what exactly caused this surge in SHIB prices? Next, we’ll dive into the three driving factors behind this.
First, thanks to the positive impact of whale activity. According to Lookonchain data, large investors transferred huge amounts of funds from PEPE tokens to SHIB, a move involving purchases of up to $75.9 billion. This not only reflects investors’ firm confidence in SHIB’s future potential, but also plays a key role in the current market rebound. This large-scale fund transfer by whales has undoubtedly injected strong impetus into the SHIB market. (Leave an introduction)
Secondly, the market’s expectations for SHIB ETF have also driven up the price to a certain extent. Following the successful launch of the Ethereum (ETH) ETF, market analysts began speculating on the possibility of a SHIB ETF. Although no formal application has been made yet, the community's expectations for SHIB ETF are already very high. Chief developer Shytoshi Kusama’s inquiry about the SHIB ETF, as well as Grayscale’s petition, both received strong support from the community, and this anticipation and enthusiasm further energized the market.
Finally, the surge in market activity is also one of the important factors driving SHIB price increases. Recently, Shiba Inu's market trading volume has experienced significant fluctuations, with trading volume rising sharply. Data from CryptoQuant shows that yesterday’s transaction volume exceeded $132 million, involving 5.354 trillion tokens, with the majority of transactions completed by whales. This increase in large-scale transactions highlights the increasing participation of major investors in the SHIB market and injects more liquidity into the market.
It is worth noting that during this wave of rising prices, Shiba Inu (SHIB) also surpassed Cardano (ADA) in the market rankings again. This change not only marks a major shift in the cryptocurrency landscape, but also demonstrates SHIB’s strong strength and potential for further growth. SHIB's current market value is approximately US$16.82 billion, which has exceeded ADA's valuation of US$16.5 billion. This achievement is driven by a combination of factors including increased investor interest in the market, strengthening strategic partnerships and recent technology upgrades.
Furthermore, Shiba Inu’s Head of Market Lucie also highlighted that SHIB has a technical analysis score of 100, which further confirms its bullish trend. This high score not only reflects SHIB's technical advantages, but also indicates its possible continued rise in the future.
In general, the rise in the price of Shiba Inu Coin (SHIB) is not accidental, but the result of multiple factors. A combination of factors ranging from large-scale fund transfers from whale activity to market expectations for the SHIB ETF to a surge in market trading volume has driven significant increases in SHIB prices. SHIB's achievement of surpassing ADA in the market ranking is a strong proof of its strong strength and potential. Do you think SHIB can still create a hundredfold myth in this bull market? Welcome to express your opinions in the comment area
