The American crypto exchange Coinbase has increased SHIB’s spot trading volume by 1,711%. The rise has been attributed to the SHIB/USD pair on Coinbase, which has generated $13.12 million in trading over the last 24 hours.
The 1,711% volume increase on Coinbase indicates renewed interest and activity in SHIB. This is as the Shiba Inu ecosystem prepares for big changes in 2025, particularly with the impending TREAT token. Its community expects that these changes will help SHIB in the long run, potentially driving up demand for the token.
Mark your calendars, it’s going to be legendaryJust 10 days left until $TREAT takes center stage! pic.twitter.com/oFws2veIJ9
— Treat (@treatsforShib) January 5, 2025
Notably, according to on-chain data, Shiba Inu’s overall trading volumes rose to $494 million in the last 24 hours. This is a trend that is very familiar with XRP in South Korea.
However, despite the increase in trading activity, SHIB’s price has remained reasonably stable at nearly $0.0000236 during the previous 24 hours. Shiba Inu is down 2.2% in the last 24 hours and up 12% weekly.
SHIB/USD Daily Chart | Source: Trading view (TomiwaboldX)
Still, some analysts feel that persistent strong volumes could eventually convert into positive price momentum, particularly if the overall market continues to strengthen.
Breaking past major resistance levels will be critical for SHIB to begin a new bullish cycle. If the token succeeds in surpassing the daily SMA 50 at $0.0000255 and subsequently $0.00003, the SHIB price could rise even further.
On the contrary, immediate support is expected at $0.0000234, with major support levels at $0.00002 and $0.0000188, which correspond to the daily SMA 200.
SHIB to surpass $0.000066651
An analyst on X has predicted a new price trajectory for Shiba Inu. In a comprehensive post on X, the analyst disclosed that SHIB is currently formulating a “monster move,” which could potentially propel its price to $0.00006651.
$SHIBShib will do what it does, "slowly then all at once" a monster vertical moveHTF chart looks super bullish: – a catch up play to $DOGE– largest erc token on $ETH– soon a break out of a 4y down trendA bullish $SHIB is good for risk on crypto It's almost time pic.twitter.com/ofzM4fEXhr
— $trong (@StrongHedge) January 5, 2025
The analyst emphasized SHIB’s impressive HTF chart, which further solidified his predictions by simplifying the bullish elements. At the same time, SHIB may shortly emerge from its four-year downward trend, achieving a one-time surge of up to $0.00006651.
The expectation is that SHIB will be slow and then make “a monster vertical move” all at once. The HTF chart looks super bullish, almost like a catch-up play to $DOGE.
Meanwhile, technical indicators show that the current sentiment is neutral, while the Fear & Greed Index shows 76, which is extreme greed. Also, Shiba Inu recorded 50% green days with 12.22% price volatility over the last 30 days.
77 Trillion Shiba Inu (SHIB) is nearing a loss
In other news, Shiba Inu is at a key point in its history, with considerable market activity transforming the terrain. It appears that larger accounts containing over 77 trillion SHIB tokens are transferring or merging into smaller addresses.
The 20% decrease in wallets holding between 1 trillion and 10 trillion SHIB suggests that major players may be reducing their exposure. At the same time, the quantity of addresses with 1 billion to 10 billion SHIB has increased by approximately 9%.
In addition, despite the apparent retreat of whales, this redistribution suggests that retail investors are becoming more interested. According to profitability metrics, only 17.61% of active addresses are currently profitable, while 75.17% are not.
This implies that there may be selling pressure, as several investors are still in the negative and may attempt to sell if prices continue to decline. Also, the 50 EMA is a critical trend indicator for traders, and it is following this critical barrier. If there is a distinct breakout above this level, SHIB may attempt to test higher levels. Meanwhile, the RSI is currently hovering near 51, suggesting a neutral market position.
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