A staggering volume of Shiba Inu (SHIB) tokens were recorded on the largest cryptocurrency exchange, Binance, in the last 24 hours. This development occurred just as the second largest meme coin in the market registered an uptick in price.
Increased trading activity sparks optimism
A total of 379,270,000,000 SHIB hasflowed through Binance in heightened trade among investors in the ecosystem. The trading frenzy on Binance could have been triggered by the over 5% surge in the price performance of SHIB.
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As of this writing, SHIB trades for $0.0000244, a 5.13% increase in the last 24 hours. The cumulative trading volume soared by 58.06% to $761.8 million. Overall, the price of SHIB has maintained a range between a low of $0.00002319 and a high of $0.00002486.
Despite still performing below its previous price levels of $0.00003215 from about a month ago, analysts see this as an impressive rebound. Considerably, SHIB has defied its death cross pattern and looks set to cement its ongoing price rally.
With SHIB inching closer to the $0.000025 mark, which is a key resistance level, experts believe if the meme coin breaches it, it might hit more bullish momentum. They believe increased trading activity, such as those witnessed on the Binance exchange, could fuel SHIB’s sustained rebound.
SHIB's key price levels and market outlook
Interestingly, some analysts consider the $0.00002 price point a psychological one for SHIB.
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Some opine this might become the new price floor for SHIB in 2025 if it can sustain its growth performance. The ability of SHIB to stay above that price point would give those betting long on the asset more confidence to hold.
Investors also have to hope that the daily burn mechanism stays active and that the rate is significant to keep the price stable. Additionally, the anticipation built by Shytoshi Kusama, Shiba Inu's lead, could add to a positive outlook for the ecosystem and sustain price.
