Is Shiba Inu (SHIB) Price Set for a Bull Run?

The global cryptocurrency market is trying to recover, after a recent crash, with established coins like Ethereum and Bitcoin also experiencing the impact. Amid volatility, meme coins like Shiba Inu (SHIB) have also been affected by the turbulent market conditions. SHIB has faced challenges recently, with a notable 30% decrease in value on its charts over the last month. Investors are closely observing the development of the memecoin, especially following its recent drop and the factors that could suggest a potential uptrend. This article will explore in depth.

Shib is currently trading at $0.00001805, after experiencing a slight increase in value by 0.61%, in the past day. This follows a downward trend in a wider time frame, declining in price by 13.86% and 29.72% over the past week and month respectively.

Nevertheless, SHIB secures its position as the 11th largest cryptocurrency, boasting a market cap of $10.64 billion, according to CoinMarketCap. Shiba Inu is also experiencing a reduced trading activity, seeing a drop of 21% in its trading volume to reach $266.08 million, over the past 24 hours.

The circulation supply of the coin stands at 589.27 trillion SHIB.

Although Shiba Inu hit its all-time high of $0.00008845 on October 28, 2021, the price has since dropped by 79.7%.

Whale Movements and Burn Rate Impact

Recent whale activities have caught the attention of the SHIB community, sparking speculations about future price movements. A significant transaction was noted when a whale withdrew 2.2 billion SHIB, worth approximately $40 million, from Robinhood to an unknown wallet.