Highlights:
- SHIB has surged 43% in the last nine days, driven by increased on-chain activity and whale transactions.
- Open interest in SHIB derivatives has risen 65%, surpassing $60 million.
- Daily trading volumes have spiked, reminiscent of the 2021 bull run.
Shiba Inu (SHIB), the world’s second-largest meme coin, has sparked renewed excitement in the crypto space with a 23% gain in the last 24 hours, approaching a price of $0.0000191. This surge comes alongside a dramatic 240% increase in daily trading volumes, now exceeding $1.36 billion, evoking memories of SHIB’s massive 2021 bull run.
Shiba Inu FOMO Returns
According to crypto analytics platform Santiment, Shiba Inu has experienced a significant 43% price increase over the past nine days, fueled by strong on-chain activity and a notable rise in whale transactions, which have reached a 10-week high. SHIB’s increasing social dominance has also played a major role in triggering a strong FOMO (fear of missing out) among traders.
However, Santiment’s data also warns of the potential for a local top following this sharp price rise. At press time, SHIB is trading at $0.00001901 with a market cap of $11.3 billion, positioning it as the 13th largest cryptocurrency in the market. For SHIB to break its February high of $0.000043, the bulls would need a solid breakout above $0.000020, supported by sustained trading volumes.
Strength in SHIB Derivatives
In the derivatives market, SHIB is showing strength, with open interest increasing by 65%, surpassing $60 million. Additionally, Coinglass data reveals that the 24-hour liquidations of Shiba Inu have surged to $2.23 million, with $1.29 million in short liquidations. The rising funding rate further indicates bullish sentiment among SHIB futures traders.
Will SHIB’s Rally Continue?
If the bulls manage to push SHIB beyond $0.000020, the potential for another 100% rally could materialize within the next few weeks. However, some investors are speculating whether SHIB can replicate its extraordinary 2021 bull run, during which it soared by an astounding 45,000% between January and May.
Calls for SHIB to reach $1 have emerged, but achieving such a target would require an exponential spike in trading volume. Despite burn efforts to reduce supply, trillions of SHIB tokens are still in circulation, making such a rally difficult to attain.
On a positive note, the SHIB ecosystem continues to evolve, with progress on the launch of the SHI stablecoin. Additionally, Shibarium, the Layer 2 network for Shiba Inu, has seen its total value locked (TVL) climb to a new high of $3.64 million, further contributing to the coin’s upward momentum.
ENG WANJIKU
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