đđShiba Inu Investors Surrender to FOMO: SHIB Challenges the Market! đđ
Shiba Inu price has risen by around 25% in the last 24 hours to $0.0000191, challenging the crypto market. The daily trading volume of $1.36 billion has made investors remember the 2021 rally.
Can Shiba Inu Renew Its Historical Performance? SHIB Makes a Difference in the Market!
According to Santiment's data, Shiba Inu has seen a massive 43% increase in the last nine days, driven by increased on-chain activity. The main factors behind this rise include strong trading volume, high SHIB circulation, and SHIB whale transactions reaching their highest levels in the last 10 weeks. Additionally, the rise in SHIBâs social dominance has increased fear of missing out (FOMO) among traders.
Santiment noted that the sharp price increase could indicate the potential for a local peak. As of press time, Shiba Inu is trading at $0.00001901, making it the 13th largest cryptocurrency with a market cap of $11.3 billion. Bulls need to make a strong break above $0.000020 for SHIB to reach its February high of $0.000043. Derivatives data also shows that open interest has increased by 65% ââto over $60 million. In addition, liquidations on Shiba Inu have increased to $2.23 million in the past 24 hours, $1.29 million of which are short liquidations, according to Coinglass. The charts show a significant increase in the funding rate and an upward trend among SHIB futures traders.
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