Top 3 Reasons Why Shiba Inu (SHIB) Price is Up Today

Published by

Zameer Attar

May 29, 2024

Hold onto your dog leashes, Shiba Inu fans!

The price of SHIB has been on a wild ride lately, skyrocketing over the past few days and leaving many investors wondering if it’s finally time for Shiba Inu to take a bite out of the crypto big leagues. This significant uptrend is leaving analysts scratching their heads and scrambling to understand what’s driving this unexpected frenzy.

Dive in as we explore.

Key Factors Behind SHIB’s Surge

Today’s impressive 11% surge in SHIB’s price can be attributed to several factors:

#1 Whale Activity

Recent whale activity has significantly contributed to SHIB’s rise. According to Lookonchain data, a major investor transferred substantial funds from the frog-themed PEPE coin to SHIB, indicating confidence in SHIB’s future potential. This shift, involving the purchase of $75.9 billion SHIB, shows investor optimism and may have played a key role in the current rally.

#2 Anticipation of SHIB ETF Stirs Market Excitement

Following the success of ETH ETFs, analysts are now speculating about the possibility of a SHIB ETF, further fueling market excitement. Although no formal requests have been made, chief developer Shytoshi Kusama’s inquiry about the feasibility of a SHIB ETF, along with Grayscale’s petition, has garnered community support and boosted anticipation.

#3 Surge in Market Activity

Shiba Inu’s market activity has seen notable fluctuations in transaction volumes, with a significant surge recently. CryptoQuant data indicates that over $132 million in 5.354 trillion coins were traded yesterday, primarily through whale transactions. This increase in large-scale transactions highlights the growing participation of major investors in the SHIB market.

SHIB Flips ADA

In related news, Shiba Inu (SHIB) has reclaimed its spot over Cardano (ADA) in market rankings, marking a significant shift in the crypto landscape. With SHIB now ranking 10th by market cap, its marketing lead announced the milestone on X. Lead developer Shytoshi Kusama’s active presence on X adds to SHIB’s market optimism.

Plus, Lucie, the Shiba Inu market lead, highlighted a perfect technical analysis score of 100 for SHIB, reinforcing its bullish trajectory. With a market cap of approximately $16.82 billion, SHIB has topped ADA’s $16.5 billion valuation. This surge shows increased investor interest, strategic partnerships, and recent technological upgrades.

This achievement follows SHIB’s previous surpassing of ADA during the March 2024 rally, showcasing its resilience and potential for further growth. The recent developments and investor optimism suggest a promising future for Shiba Inu in the competitive cryptocurrency market.

Also Check Out : Pepe Coin Surges 200% in May, Outshines Dog-Themed Rivals

Zameer Attar

Zameer is a financial analyst and writer with a particular interest in cryptocurrency markets. He has been studying cryptocurrencies and their market behavior for several years and deeply understands the factors that affect the price of cryptocurrencies. His expertise lies in his ability to use both technical and fundamental analysis to make informed predictions about the future direction of cryptocurrency prices. He has a strong understanding of market sentiment and uses this to inform his trading decisions and price predictions.