GET 10% OFF ON YOUR FIRST ORDER. FOR A LIMITED TIME ONLY. Use code: WELCOME on checkout
News

Top 3 Reasons Why Shiba Inu (SHIB) Price is Up Today

SHIB Price

The post Top 3 Reasons Why Shiba Inu (SHIB) Price is Up Today appeared first on Coinpedia Fintech News

Hold onto your dog leashes, Shiba Inu fans!

The price of SHIB has been on a wild ride lately, skyrocketing over the past few days and leaving many investors wondering if it’s finally time for Shiba Inu to take a bite out of the crypto big leagues. This significant uptrend is leaving analysts scratching their heads and scrambling to understand what’s driving this unexpected frenzy.

Dive in as we explore.

Key Factors Behind SHIB’s Surge

Today’s impressive 11% surge in SHIB’s price can be attributed to several factors:

#1 Whale Activity

Recent whale activity has significantly contributed to SHIB’s rise. According to Lookonchain data, a major investor transferred substantial funds from the frog-themed PEPE coin to SHIB, indicating confidence in SHIB’s future potential. This shift, involving the purchase of $75.9 billion SHIB, shows investor optimism and may have played a key role in the current rally.

#2 Anticipation of SHIB ETF Stirs Market Excitement

Following the success of ETH ETFs, analysts are now speculating about the possibility of a SHIB ETF, further fueling market excitement. Although no formal requests have been made, chief developer Shytoshi Kusama’s inquiry about the feasibility of a SHIB ETF, along with Grayscale’s petition, has garnered community support and boosted anticipation.

#3 Surge in Market Activity

Shiba Inu’s market activity has seen notable fluctuations in transaction volumes, with a significant surge recently. CryptoQuant data indicates that over $132 million in 5.354 trillion coins were traded yesterday, primarily through whale transactions. This increase in large-scale transactions highlights the growing participation of major investors in the SHIB market.

SHIB Flips ADA

In related news, Shiba Inu (SHIB) has reclaimed its spot over Cardano (ADA) in market rankings, marking a significant shift in the crypto landscape. With SHIB now ranking 10th by market cap, its marketing lead announced the milestone on X. Lead developer Shytoshi Kusama’s active presence on X adds to SHIB’s market optimism. 

Plus, Lucie, the Shiba Inu market lead, highlighted a perfect technical analysis score of 100 for SHIB, reinforcing its bullish trajectory. With a market cap of approximately $16.82 billion, SHIB has topped ADA’s $16.5 billion valuation. This surge shows increased investor interest, strategic partnerships, and recent technological upgrades. 

This achievement follows SHIB’s previous surpassing of ADA during the March 2024 rally, showcasing its resilience and potential for further growth. The recent developments and investor optimism suggest a promising future for Shiba Inu in the competitive cryptocurrency market.

Latest Press

post-thumbnail
News
4 hours ago
6 Ways to Make Money Fast with Crypto in 2024 – Daily Payouts
Do you need to make money in a few days? Whether offline or online, there are more possibilities tha...
READ MORE
post-thumbnail
News
4 hours ago
XRP’s Price Stagnation: Insights from Ex-Ripple Director Amid Legal Battle
Ex-Ripple executive Sean McBride says that despite all the technical analysis and predictions, nothi...
READ MORE
post-thumbnail
News
4 hours ago
Investor Alert: XRP Reacts to SEC Case Verdict and Ripple Appeal
The recent settlement deal between the US SEC and Terraform Labs has sent shockwaves to the Ripple c...
READ MORE
post-thumbnail
News
4 hours ago
Crypto Analyst: Dogecoin and Solana Reach Critical Juncture, Make-It-or-Break-It Levels Approaching
Dogecoin and Solana have reached critical price points and could see a rebound soon. Crypto analyst ...
READ MORE
post-thumbnail
News
4 hours ago
Ripple-SEC Case: Pro XRP Lawyer Predicts Big Victory for XRP Army
 Fred Rispoli, Senior partner at Hold Law has predicted a verdict will be reached in the Ripple-SEC...
READ MORE
post-thumbnail
News
4 hours ago
Dogecoin Founder Unveils Elon Musk’s Potential Billion-Dollar Surge: Could You Copy It?
Billy Markus, co-creator of Dogecoin, stands in solidarity with Elon Musk regarding Tesla’s $56 bi...
READ MORE
post-thumbnail
News
4 hours ago
Cardano (ADA) Struggles Amidst FOMC Volatility Despite Chang Hard Fork Announcement
Cardano (ADA) is struggling to build up bullish momentum despite network developments including the ...
READ MORE
post-thumbnail
News
4 hours ago
Maximize Earnings with CryptoHeap: Achieve Financial Freedom through Crypto Staking
The post Maximize Earnings with CryptoHeap: Achieve Financial Freedom through Crypto Staking appeare...
READ MORE
post-thumbnail
News
4 hours ago
Crypto Regulations in Vietnam 2024
The post Crypto Regulations in Vietnam 2024 appeared first on Coinpedia Fintech News Vietnam, a soci...
READ MORE

Publish an article now

Unlock the power of media for instant visibility to the target audience, major SEO boost, greater website traffic and conversion rates.

click here to get started