Shiba Inu Explodes with 110% Trading Volume Surge To Over 34T SHIB, DeFi System Founder Bullish

June 10, 2024

Shiba Inu (SHIB), the world’s second-largest dog-themed altcoin by market capitalization, has experienced a remarkable surge in trading activity, with volumes skyrocketing by 110% in the past 24 hours to a staggering 34.1 trillion SHIB.

According to the latest data from CoinMarketCap, SHIB boasts a market capitalization of $13,544,687,700, with a circulating supply of 589,271,775,864,234 SHIB tokens.

This surge comes amid bullish sentiment from the owner of a decentralized finance system, who predicts a bright future for the meme coin.

Despite the massive increase in trading volume, SHIB’s price has seen only minor fluctuations, with a modest 1.05% increase in the last hour and a 0.34% increase over the past 24 hours, data from CoinMarketCap showed. Adding to the intrigue, there has been a significant increase in whale-tier transactions, with over $8 trillion worth of SHIB transacted in recent days. This surge in activity by large-scale investors indicates a heightened level of interest and confidence in the cryptocurrency.

Elja Boom, the founder of the decentralized finance system Okse, recently tweeted, “History is repeating itself,” suggesting that SHIB’s current trajectory mirrors previous patterns that led to significant price increases. This bullish sentiment has further fueled speculation about SHIB’s potential for exponential growth.

Boom isn’t the only one noticing this recurring pattern. In March, crypto trader Rekt Capital (@rektcapital on X) observed that Shiba Inu was “slowly repeating history itself.”  A few days prior, Rekt Capital noted, “In late 2021, SHIB also wasn’t able to break blue resistance on the first attempt. In fact, in late 2021 that blue resistance rejection forced SHIB to retest the orange level as new support (orange circle) before confirming further upside.”  

This analysis, coupled with the affirmation that “Slowly, SHIB history is repeating itself,” suggested that Shiba Inu’s current market behavior mirrors the patterns from its remarkable performance in 2021, further fueling bullish sentiment among traders and investors.

The recent surge in trading volume and whale activity, combined with the bullish outlook from influential figures and analysts in the crypto space, have created a sense of anticipation and excitement around Shiba Inu. While the cryptocurrency market remains volatile, the current trends and historical echoes suggest that SHIB could be on the verge of a major price movement.

At 10:23 a.m. ET on Monday, Shiba Inu (SHIB) was trading at $0.00002295, experiencing a 24-hour trading volume increase of 1.46%, totaling $476,915,750. However, this marks a 1.42% decrease in value over the past day, an 8.05% decline over the past seven days, and a marginal 0.03% dip in the last 30 days.

Disclaimer: Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice.

The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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