CoinW.com reports:
With the increase in activity by large holders, the price of Shiba Inu has surged, sparking speculation about a potential long-term bullish trend.
Shiba Inu (SHIB) is a popular meme coin in the cryptocurrency market and has experienced a significant surge in the past 24 hours, reflecting a positive trend in the overall market. Recent data shows that SHIB reached a peak of $0.00001748, reversing most of the losses from the past week.
This surge has caused a sensation in the Shiba Inu community, leading to speculation about the future of the token. On-chain data indicates that this increase in confidence is largely due to the increased activity of large holders, also known as whales, whose trading value has increased by 229% since July 4th.
After hitting a low point of $0.00001298 on July 5th, Shiba Inu has rebounded significantly, reversing the previous downward trend. On Saturday, the price continued to rise, with overall market sentiment positive, driven by the performance of Bitcoin. Data from IntoTheBlock shows a 190% increase in large trading volume for SHIB. This surge has resulted in a total trading value of over $74.56 million for transactions worth over $100,000, reaching the highest level in the past week.
These large transactions, coupled with a 15% price increase, have once again put Shiba Inu in the spotlight. The Shiba Inu community now wonders if this momentum will lead to a long-term bull market for SHIB and other meme coins. It is well known that the cryptocurrency market is highly volatile, especially for meme coins like SHIB. Currently, the trading price of SHIB is $0.0000165, still down 3.81% in the past seven days.
If this bullish trend continues, SHIB may experience a 2-3x increase in the short term. However, this could also be a temporary surge before a further downward trend. To sustain its upward momentum, SHIB needs the broader cryptocurrency market to continue its positive trend. If SHIB maintains its current support level and Bitcoin breaks through $61,000 in the next week, SHIB may continue to rise.
The future of SHIB depends on market conditions and the sustained interest of large holders. The performance of Bitcoin and other major cryptocurrencies will greatly influence the direction of SHIB.
Summary:
The recent surge in Shiba Inu has reignited interest and speculation in the cryptocurrency community. The increase in activity by large holders and the overall market recovery have brought potential gains for SHIB. However, given the volatility of the cryptocurrency market, the future path presents both opportunities and risks. Whether SHIB can break the downward trend and maintain a bullish trend remains uncertain, but the current indicators are encouraging for its supporters.
