Shiba Inu's multiple positive factors have stimulated a strong rebound in prices, and new highs are just around the corner!
Whales have bought heavily, and trading volume has surged
Recently, Shiba Inu has rebounded strongly in the cryptocurrency market, rekindling investors' hopes. The combined effect of multiple positive factors has driven SHIB prices to continue to rise.
Whales continue to increase their positions, laying the foundation for price increases
According to data from IntoTheBlock, Shiba Inu has now become one of the most favored cryptocurrencies by whales. Whales continue to buy SHIB, resulting in a surge in token trading volume within the ecosystem, with a trading volume of up to 2.4 trillion in 24 hours. In addition, whales have established a solid position base by trading nearly 3.4 trillion SHIB tokens, laying the foundation for the rise in token prices.
On July 11, whales traded nearly 850 million SHIB, indicating that while they were accumulating tokens, they also adopted a more robust trading strategy. This savvy trading strategy provides favorable conditions for SHIB to reach new price highs.
Burning rate soars, supply and demand relationship improves
The active operation of the Shiba Inu burning portal has also made an important contribution to the recovery of token prices. Burning portal data shows that Shiba Inu's burning rate has soared by nearly 870% in the past 24 hours. This means that a large number of SHIB tokens have been permanently destroyed, reducing the market circulation and improving the supply and demand relationship.
The data platform Shibburn shows that nearly 85 million SHIB tokens have been destroyed last week. As the burning rate continues to accelerate, the price outlook for SHIB will also be more optimistic.
Technical indicators point to new highs
Based on the above positive factors, many analysis agencies are optimistic about the future price trend of Shiba Inu. CoinCodex predicts that by July 26, 2024, the SHIB price will rise by 62.46% to $0.00002850.
The Shiba Inu community is confident and looks forward to a new ATH
The strong performance of Shiba Inu has once again inspired the confidence of the community. **Many investors believe that driven by multiple favorable factors, SHIB is expected to break through the price barrier of $0.00002 and even set a new historical high.
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