Gushiken Yona
Shiba Inu, the meme-inspired cryptocurrency that has captured the hearts and wallets of millions, is basking in the spotlight once again. This time, it’s not just the enthusiastic “ShibArmy” singing its praises, but a prominent figure in the crypto education space who has bestowed upon it a prestigious title: “Bull of the Week.”
On a Friday X post that reverberated through the cryptosphere, AltCryptoGems, the founder of @AltCryptoTalk and co-founder of @KollectAgency, declared Shiba Inu the undisputed champion of the week’s bullish momentum. AltCryptoGems, a full-time crypto trader with a dedicated following, pointed to two key factors driving Shiba Inu’s impressive surge: whale activity and unwavering investor interest.
“This is due to some huge whale transactions for $SHIB!” exclaimed AltCryptoGems, referring to the large-scale purchases of Shiba Inu tokens by deep-pocketed investors, often referred to as “whales.” These massive buy orders injected a surge of liquidity into the market, propelling the price upwards and igniting a wave of excitement among Shiba Inu enthusiasts.
AltCryptoGems also acknowledged the unwavering support of the “ShibArmy,” the passionate community of Shiba Inu investors who have remained steadfast in their belief in the dog-themed altcoin’s potential, even during periods of market volatility. “Also huge investor interest from the #ShibArmy!” he declared, recognizing the role of community engagement and social media buzz in fueling Shiba Inu’s remarkable rise.
Shiba Inu’s journey has been nothing short of extraordinary. Born as a playful meme coin, it quickly gained traction, capturing the imagination of a global community and defying the skepticism of many seasoned crypto analysts. Its meteoric rise, fueled by a combination of meme-driven enthusiasm, growing adoption, and strategic partnerships, has cemented its position as a force to be reckoned with in the cryptocurrency world.
As Shiba Inu basks in the glow of its “Bull of the Week” coronation, the question on everyone’s mind is: what’s next for this meme coin turned crypto powerhouse? Will the whale activity and ShibArmy enthusiasm continue to propel it to new heights? Or will the market’s inherent volatility dampen the bullish momentum?
As the weekend approached, Shiba Inu’s price action painted a vivid picture of bullish momentum, defying the broader market’s cautious sentiment. At 9:14 p.m. ET on Friday, the meme-inspired cryptocurrency was trading at $0.0000209, a testament to its remarkable surge in recent days.
The 24-hour trading volume for Shiba Inu soared by 8.69% to $1.42 billion, underscoring the heightened interest and trading activity surrounding the token. This surge in volume translated into an impressive 8.71% spike in price for the day, a clear indication that buyers were firmly in control.
Zooming out to a wider timeframe reveals an even more compelling narrative. Over the past seven days, Shiba Inu’s price had skyrocketed by a staggering 46.11%, leaving many investors in awe of its rapid ascent. This surge demonstrated the growing confidence in Shiba Inu’s potential, fueled by a combination of factors including positive news, social media buzz, and increased adoption.
Expanding the timeframe further reveals a truly remarkable story of growth. In the past 30 days, Shiba Inu’s price had experienced an unprecedented surge of 50.12%, a testament to its resilience and ability to defy market trends. This meteoric rise solidified Shiba Inu’s position as a major player in the cryptocurrency arena, capturing the attention of both seasoned investors and newcomers alike.
Data from CoinMarketCap revealed that Shiba Inu’s market capitalization, a measure of its overall value, had surged by 8.62% to reach $12.33 billion. The circulating supply of Shiba Inu tokens stood at a staggering 589.27 trillion SHIB.
Read More
- Shiba Inu to Skyrocket 360%, Citing Bullish Breakout After Market-Defying Performance, Analyst Predicts
- Shiba Inu Defies September Slump, Rallies 30% Amid Overwhelmingly Bullish Sentiment
- Shiba Inu To ‘Witness More Aggressive Increases,’ Says Analyst
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.
