Bittime - Shiba Inu (SHIB) shows quite good signs by entering the greed zone, where the price experiences a spike and reaches the highest peak in a week.
Although the overall crypto market is showing a recovery from the bearish trend, Shiba Inu has not shown significant performance compared to other meme coins.
The question is what will happen next with Shiba Inu? What caused the surge in on-chain activity? Let's review it more deeply in this article.
Shiba Inu Price Soars 17% in a Week
Shiba Inu (SHIB) is currently trading at $0.00003077 with a surge of 17% in the past week.
SHIB price reached its highest level of $0.00003154 this week before dropping to its current value.
According to CoinmarketCap, SHIB is currently ranked 11th with a market capitalization of IDR 26.3 trillion and trading volume of IDR 26.2 trillion.
Compared to the previous day, Shiba Inu's market capitalization and trading volume had decreased today.
Despite this, the SHIB price managed to reach its best value in the last two years. This increase is considered significant, reaching 210% compared to last month's value.
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Why is Shiba Inu Winning Today?
Quoted from Coingape, there are three reasons why the value of Shiba Inu (SHIB) was able to reach the top, including:
Crypto Market Rise Favors Shiba Inu
Today, Shiba Inu reached its peak, following the positive trend of the crypto market as a whole. Bitcoin, the market leader, has breached the $70,000 mark, triggering a price rally in other altcoins, including Shiba Inu.
The Meme Coin and Shiba Inu Phenomenon
Shiba Inu's rise was also driven by the meme coin trend. Meme coins, such as Shiba Inu and Dogecoin, often experience significant price spikes due to hype and speculation on social media.
Increase in Meme Coin Market Capitalization
This surge in meme coin prices has increased the total market capitalization of meme coins significantly. This shows that investor interest in meme coins is still high.
How to Buy Crypto
Shiba Inu On-Chain Activity Surges
Data from IntoTheBlock shows a significant increase in Shiba Inu on-chain activity. Larger transaction amounts, with values above $100,000, saw a 50% increase. This prompted a jump in total transaction volume of up to 516%, from 4.79 trillion to 7.23 trillion.
Also read: Gala Price Prediction (GALA) 2025-2030: Big Opportunity for the Future?
Price Surge Driven by Large Transactions
On March 28, 2024, 539 transactions were recorded with a value above $100,000, which caused a spike in the price of Shiba Inu (SHIB). One significant transaction was the transfer of $62 million worth of SHIB tokens to an anonymous wallet address associated with the Kucoin exchange.
Whale Activity Increases
Overall, whale (large investor) activity on SHIB increased on March 28th. This can be seen from the transaction value which increased from $141.7 million to $219.23 million.
Bullish Signal for SHIB
Technical analysis shows a reversal of the bottom on the SHIB chart, which is a signal for a price surge.
Analysts estimate that the meme coin has positioned itself on a solid footing and is poised to experience a bullish push (price increase) in the next few hours.
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Shiba Inu Shows Bullish Signs Throughout the Day
Shiba Inu (SHIB) is showing some positive signals indicating bullish price movement.
- Strong support level at $0.000024: SHIB price managed to stay above this support level, indicating resilience and high buyer interest.
- Four bullish candles: The SHIB price chart shows four consecutive green candles, indicating ongoing bullish momentum.
Increased whale activity is also driving positive sentiment
- Transaction value increases: Higher whale activity on March 27, 2024 caused SHIB transaction value to jump from $141.7 million to $219.23 million.
Technical analysis shows a trend reversal
- Bottom reversal: The SHIB chart shows a bottom reversal, indicating a potential price increase.
- Firm position: Analysts expect SHIB to be in a firm position and ready for a bullish move in the next few hours.
Conclusion
Based on these indicators, Shiba Inu shows strong bullish potential. Investors and traders need to pay close attention to SHIB price movements in the next few days to identify the right investment opportunities.
How to Buy Shiba Inu (SHIB) on Bittime
You can buy and sell Shiba Inu (SHIB) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Shiba Inu (SHIB) is available on Bittime with the market pair SHIB/USDT . To be able to buy SHIB USDT on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Shiba Inu (SHIB) on Bittime.
Monitor the price chart movements of Shiba Inu (SHIB), Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
XRP Price: Whale Activity Worth 46 Million Coins Fuels Speculation of a Rebound, Here's the Review?
Bitcoin Halving 2024: Could Altcoin Prices Skyrocket?
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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