Shiba Inu (SHIB) has recovered 12% recently, driven by increased whale activity and a bullish sentiment in the market, raising hopes for further price increases.
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SHIB’s price is currently at $0.00001368, reflecting a 5.77% increase.
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Whale transactions have surged by over 525% in the last 48 hours.
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Despite the price rise, trading volume remains low, down 28.44% at $228.63 million.
Shiba Inu (SHIB) has seen a 12% recovery amid increased whale activity, but low trading volume raises concerns about its sustainability.
Can SHIB price hit $0.000015 amid stagnant volume?
According to CoinMarketCap data, Shiba Inu was trading at $0.00001368, which reflects a 5.77% increase as of this writing. The price gain comes as bullish sentiment over large transactions suggests that the market could be anticipating a further increase.
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Notably, there has been a massive increase in whale transactions. In the last 48 hours, these large holders’ activities rose by over 525%. As per the report, many of the transactions were valued at between $1 million and $10 million, indicating soaring interest in SHIB.
This has supported Shiba Inu’s upward climb as the meme coin set eyes on the $0.000015 target. The ecosystem is also tightening supply by increasing the burn rate. Within this period, Shiba Inu has carried out more burns with figures reaching as high as 3,400%.
Despite these efforts, however, investors remain cautious. In the last 24 hours, trading volume has not picked up as the price rose, negating the bull rally. Volume remains in the red zone by 28.44% at $228.63 million. This low volume could impact Shiba Inu’s upward journey and halt the rally.
SHIB developer pushes for community unity
Amid these developments, Kaal Dhairya, Shiba Inu developer, has maintained that the team will focus on building unity. He noted that the community allowed external forces to put pressure on it and push SHIB out of the top 10. Dhairya appears set to empower the ecosystem to achieve this.
However, Dhairya’s proposal of an election to select a SHIB president has met with backlash. Many in the community have expressed their reservations and describe the proposal as a distraction. They insist that restoring trust in the meme coin is more important than electing a president.
Frequently Asked Questions
What factors are driving SHIB’s recent price increase?
The recent 12% price increase of Shiba Inu is primarily driven by a surge in whale transactions and a bullish market sentiment.
How does trading volume affect SHIB’s price?
Low trading volume can hinder SHIB’s price growth, as it indicates a lack of market participation, which may stall upward momentum.
Key Takeaways
- Price Recovery: SHIB has recovered 12% amid increased whale activity.
- Community Concerns: Developer proposals for leadership elections face backlash.
- Volume Issues: Low trading volume could impact SHIB’s upward trajectory.
Conclusion
Shiba Inu (SHIB) has shown resilience with a 12% recovery, but challenges remain, particularly with low trading volume and community concerns. As the market evolves, the focus will be on maintaining momentum while addressing internal issues.
