Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not responsible for any financial losses incurred while trading cryptocurrencies. Do your own research by contacting financial experts before making any investment decisions. We believe all content to be accurate as of the date of publication, but some offers mentioned may no longer be available.
In the past 24 hours, a dog-themed cryptocurrency has emerged Shiba Inu (SHIB) There was a significant increase in transaction volume.
According to IntoTheBlock DataShiba Inu transaction volume rose significantly to 4.49 trillion shiba, compared to 3.14 trillion shiba the previous day.
The transaction volume of 4.49 trillion SHIB reflects a significant spike in network activity, indicating increased interest in the meme coin. This rise reflects an increase in market participation and may be related to whale activity, accumulation, or preparation for major market events. SHIB's increased activity could also be in line with broader market trends.
The larger cryptocurrency market is recovering, supported by Bureau of Labor Statistics numbers released the previous day. Reassuring US inflation data boosted global markets, renewing bets on additional interest rate cuts by the Federal Reserve.
Related to
The increase in transaction volume could be a response to these market conditions, as investors seek to capitalize on potential opportunities.
The spike in transaction volume is sparking speculation about what might be next for the Shiba Inu. If this trend continues, it could signal a big move forward for the cryptocurrency. The market will be watching the price of the Shiba Inu closely, looking for signs of continued momentum or potential setbacks.
SHIB price action
The Shiba Inu, like other digital assets, has seen price increases in the past 24 hours. At the time of writing, SHIB is up 3.78% over the past 24 hours to $0.000022 and up 5.52% over the past 24 hours.
Shiba Inu Support reached a low of $0.00001960 on January 13, halting its declines and starting to recover. The Shiba Inu coin rose for two days in a row, reaching a high of $0.00002284 on January 15.
Moving higher, the next major hurdle lies at the daily 50 simple moving average at $0.00002485; A break above this level could lead to a bigger rally. Support at the daily 200 simple moving average at $0.000019 remains a crucial level for SHIB to retain its upward momentum.
Meanwhile, SHIB remains in a sideways range between its 50 and 200 daily moving averages, waiting for the next major move.
Source link