Shiba Inu (SHIB) might soon see a massive recovery, potentially pushing its price above the key level of $0.00002. This prediction is based on the recent trading volume, showing strong investor interest.
Market intelligence reports state that 2.4 trillion Shiba Inu tokens were traded in the last 24 hours. This indicates significant accumulation by Shiba Inu whales. Just days earlier, on July 16, these whales traded 3.45 trillion tokens. Even the lowest trade volume in the past week was 854.29 billion tokens on July 11.
This surge in large transactions aligns with the crypto market’s recent rebound. It suggests that whales are gathering SHIB in anticipation of price hikes. These large holders play a crucial role in the potential price surge for SHIB, the second-largest meme coin by market cap. This accumulation trend might lead to price discovery and new highs.
The first milestone is for SHIB to rise above the critical support level of $0.00002. Once this level is regained, SHIB is expected to face less selling pressure and could easily climb to $0.000024. Only about 74 trillion SHIB tokens were purchased around this price, and whales could absorb this supply if it gets sold.
Shiba Inu’s Fundamentals Could Spark Price Recovery
Data from Shibburn, a Shiba Inu burn tracking site, reveals an 870% spike in the burn rate over the last 24 hours, with over 8.7 million tokens burned. In the past week, more than 85 million SHIB tokens were burned. These burns can significantly impact the coin’s price, especially as demand increases.
The upcoming launch of the SHIB marketplace on the Shibarium network is another positive development. This will boost activity on the layer-2 network, leading to more Shiba Inu burns. Shibarium has committed to using transaction fees to buy and burn SHIB.
Currently, Shiba Inu is trading at around $0.00001882, down over 3% in the last 24 hours, according to CoinMarketCap.
