Shiba Inu (SHIB) has surged 271% in the past 7 days.
High-profile transactions and whale activity shape SHIB’s trajectory.
Shiba Inu (SHIB) has captured the attention of the cryptocurrency world with an astonishing 58% surge in the last 24 hours, propelling its market capitalization to a formidable $21 billion, entering the top 10 cryptocurrencies by market cap. This resurgence is not only a testament to SHIB’s enduring appeal but also underscores the volatile yet opportunistic nature of meme cryptocurrencies.
March 2024 has seen SHIB break through resistance levels and engage in significant trading activity, with its trading volume skyrocketing by 302% to $12 billion. Over the past week, it has experienced a meteoric rise of 269%, positioning itself close to its all-time high (ATH) – now just 56.67% shy of the $0.00008845 peak.
This resurgence has sparked a flurry of speculation and interest among investors, analysts, and enthusiasts alike. Lucie, a key figure in the Shiba Inu community and the project’s marketing strategist, has fueled this excitement with a bold prediction on X, suggesting SHIB could reach $0.00012. This forecast, based on historical surges, implies an astonishing potential upside of over 800% in a short timeframe.
SHIB Price Chart, Source: TradingView
However, opinions on SHIB’s future price movements are varied. Drawing on early 2023’s price behavior, analysts project an average rate of $0.0000213 for SHIB in March 2024, with potential swings between $0.0000193 and $0.0000234.
Major Whale Moments
Market sentiment has been further influenced by notable transactions involving high-profile figures in the crypto space. Rune, the co-founder of MakerDAO, recently invested 500K USDC to acquire 25.04B SHIB, signaling confidence in its potential. In contrast, Justin Sun, founder of Tron, has taken a different path by selling a significant portion of his SHIB holdings.
Amidst this whirlwind of activity, the surge in whale transactions on March 2nd, as reported by Santiment, marks a pivotal moment. This spike in activity, the highest since November 2021, suggests a strategic move by large holders, with many capitalizing on the rally to secure profits.
Shiba Inu’s current trajectory becomes a compelling chapter in the ongoing saga of meme cryptocurrencies. Its recent performance not only reflects the speculative fervor that can drive massive short-term gains but also highlights the broader trends and shifts within the cryptocurrency market.