In Brief :
- Shiba Inu (SHIB) has bounced back from a recent low, experiencing an 80% increase in trading volume within 24 hours and a 3.6% surge in its price.
- Substantial whale activity and short liquidations have played a pivotal role in boosting Shiba Inu’s trading volumes and prices.
Shiba Inu (SHIB) cryptocurrency, renowned for its status as a meme coin with the second-largest market capitalization, has defied the recent bearish trend that had gripped it in the past few days. This resurgence follows a slump in SHIB’s value, which reached a near-term low of $0.000007195 on September 21.
As of the latest market data, Shiba Inu has witnessed a surge in buying activity, reflecting a total trading volume of $123,205,529. This figure represents a staggering nearly 80% increase within a 24-hour period, significantly contributing to the upswing in SHIB’s price by approximately 3.6%, bringing it to $0.00000757.
Analysts are quick to point out that this current price level surpasses SHIB’s exponential moving average (EMA) 100 trend line, signalling a breakthrough from the preceding bearish trend.
Whale Activity Sparks Shiba Inu Resurgence
Blockchain monitoring and analytics platform Whale Alert reported that the spike in Shib’s trading volumes can be attributed to substantial whale activity. Notably, on September 22, Whale Alert detected the transfer of nearly 4.6 trillion SHIB tokens, equivalent to approximately $33.38 million, from a wallet associated with the Amsterdam-based crypto exchange Bitvavo to an undisclosed wallet.
— Whale Alert (@whale_alert) September 22, 2023
In addition, Coinglass data reveals a significant increase in short liquidations of SHIB, totalling as much as $110,000 in positions liquidated on September 23.
Despite the buzz surrounding Shiba Inu’s layer-2 network, Shibarium, the meme coin has faced increasing bearish sentiment. Its volatility rate has remained relatively steady at 33.5%, suggesting that further price fluctuations may not be on the horizon—an aspect that could favour sellers.
The broader meme coin market has witnessed a mixed performance in recent days. While tokens like HarryPotterObamaSonicInu (BITCOIN) and Bad Idea AI (BAD) have experienced gains of 5.9% and 9.5%, respectively, when compared to their previous prices, more established coins such as Pepe (PEPE), Floki (FLOKI), and Baby DogeCoin (BABYDOGE) have seen their values decline by margins ranging from 1.2% to 5.2%.