As cryptocurrency markets continue to pump this week, with Bitcoin and Ethereum breaking their one-month highs, Shiba Inu has joined the party, increasing by over 13% today, registering significant price growth over the past week. Shiba Inu is currently trading at $0.00001227 with a market capitalization of $6.7 billion, surpassing Avalanche’s $6.6 billion valuation and placing SHIB as the fourteenth-largest cryptocurrency by market cap.
Shiba Inu Price Continues to Pump
As the community behind the second-most-popular meme coin continues to rally behind the token, Shiba Inu joins Bitcoin, Ethereum, and Solana in breaking through its one-month high of $0.00001174, trading at $0.00001226 and rising.
While SHIB’s market capitalization is up 12%, in line with its price increase today, what’s surprising is Shiba Inu’s 24-hour trading volume increase of 144% in the past 24 hours. Over $664 million worth of SHIB tokens has been traded in the past day, signaling the tremendous market momentum behind the token.
Binance is leading Shiba Inu’s trading volume with over $200 million traded across its several pairs, followed by Coinbase Exchange trading over $63 million, Gate.io with $18 million, and KuCoin with $12 million in trading volume over the past 24 hours.
The substantial increase in the trading volume for SHIB signals that plenty of traders and investors are on the sidelines, waiting for an opportunity to buy into SHIB and secure profits before the next bull run.
According to a core developer for Shiba Inu, Shytoshi Kusama, the team will continue working towards burning SHIB tokens, as that’s one of the common requests among community members. In a Tweet published on July 17th, he said:
“Massive burns will require a true community effort and we are working towards it on many levels. Will take time and I hope the timing works out perfect!”
Shiba Inu Price Prediction
Shiba Inu is likely to test whether support holds at the current $0.00001200 level before attempting to breach the $0.00001300 level. If Bitcoin and Ethereum continue to register price growth, there’s no doubt that SHIB will breach the $0.00001300 level and attempt to establish it as new support.
Shiba Inu follows Ethereum price action, which follows Bitcoin’s price action, which follows the stock markets price action. As long as the stock markets don’t correct anytime soon, Bitcoin and Ethereum will continue rising, which in turn will mean further bullish momentum for SHIB.
In addition, if the Shiba Inu team manages to organize additional burn events, that could quickly propel SHIB to the $0.00002000 level, causing a snowball effect of insane bullish momentum as traders FOMO into the meme coin.
While the initial November hype around meme tokens seemed to have died in recent months, the community around meme coins remains solid.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any meme coins.
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