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Shiba Inu (SHIB) Trading Volume Spikes Up 200% – Will It Ignite a Price Surge?

Rida Fatima Crypto/Tech Content Writer Author expertise
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Following the recent crypto market recovery, Shiba Inu (SHIB) is back on investors’ radars. Its trading volume surged more than 200% in the last 24 hours. 

With a slight price increase of 2%, SHIB continues to attract more attention. The dog-themed meme coin is trading at $0.00002352 and has a market cap of $13.8 billion.

This spike in trading volume could signal the bulls’ return to trigger a rally. Moreover, the Shiba Inu community has been consistently burning SHIB coins. With the momentum rising, can Shiba Inu delete another zero to hit $0.0001?

Bullish Signals Emerge as SHIB Prepares for Potential Upside

SHIB token has recently respected the lower band of the Bollinger Band indicator, a signal for positive trend reversal. Currently, SHIB is hovering around the 20-day SMA line.

Shiba Inu Trading Volume Spikes Up 200% - Will It Ignite a Price Surge?

Moreover, a bearish trendline (marked by the Blue line) is present in the market. A break above this level could trigger more buy trades, leading to a potential upward movement in SHIB’s price.

The Relative Strength Index (RSI) is currently at 46, pointing toward the oversold area. While an RSI of 46 indicates a neutral stance, moving above 50 could signal buyers re-entering the market. This means SHIB might be gearing up for a rally soon.

Shiba Inu Trading Volume Spikes Up 200% - Will It Ignite a Price Surge?

Furthermore, the Moving Average Convergence Divergence (MACD) indicator is above its signal line and displays green bars. This setup suggests that the bulls are currently active in the market.

While the 200-day SMA is bullish, SHIB trades below the 50-day SMA. This level could act as solid resistance and halt the coin’s upward trajectory.

However, the price may break above this resistance level with intense bullish pressure and increasing buying volume.

Based on this analysis, SHIB appears to be building bullish momentum. If SHIB can break above the bearish trendline and the 50-day SMA with increasing volume and momentum, it could pave the way for further upside potential. Traders should watch the market closely and wait for confirmation before placing a trade.

Shiba Inu Destroy Over 200 Million SHIB Tokens

The Shiba Inu community has kept its promise of consistently burning coins to slash the meme coin’s supply. Data from Shiba Inu tracker Shibburn shows that 200,591,910 SHIB coins were wiped off circulation as of May 12, triggering a 338% spike in burn rate. 

Notably, token burn is believed to positively impact a token’s price over time, reducing the total supply while pushing momentum toward demand. If the Shiba Inu community continues to burn more coins, chances are high that Shiba Inu will witness a significant price boost soon.

Major Brands now Accept Shiba Inu, Could this Impact the Price Positively?

Another factor that could trigger a SHIB rally in the coming weeks is CoinGate’s recent adoption of SHIB on Polygon and Binance Smart Chain.

This integration allows SHIB Holders to buy PS5 and Steam games, book Airbnb, and shop for clothes and shoes from famous brands like Nike and Zalando while paying with Shiba Inu tokens. This significant development adds more utility to Shiba Inu, allowing SHIB holders to spend it on everyday purchases. 

With big brands accepting SHIB, it becomes more desirable. This could attract new investors who see SHIB as a speculative gamble and a usable currency.

Overall, this integration is a significant step towards broader adoption of SHIB, which could lead to a long-term rise in value. But remember, this effect might not cause the price of Shiba Inu to skyrocket overnight.

Dogeverse Rockets Past $15 Million: Final Hour to Buy Before Launch

Shiba Inu shows significant promise but is not the only promising meme coin right now. Dogeverse (DOGEVERSE) has emerged as one of the most promising meme coins in 2024, with notable growth potential.

Its multichain allure has attracted many investors, who foresee a three-fold increase when the token lists on exchanges. Dogeverse has raised over $15 million in its presale and is preparing for an imminent DEX and CEX listing.

Dogeverse: The Pioneering Multichain Meme Crypto with Deflationary Potential

What sets DOGEVERSE apart from other meme coins is its multichain feature. Dogeverse is the first Dog-themed meme coin to introduce a multi-bridge functionality. DOGEVERSE will be accessible on the Ethereum blockchain, Polygon, BNB Chain, Solana, Avalanche, and Base. 

Expanding across multiple blockchains will give DOGEVERSE a more comprehensive application than other popular meme coins already trading. With the potential to gain traction and usage on numerous apps and platforms across different chains, DOGEVERSE could experience increased adoption. 

Greater adoption typically leads to higher demand and, consequently, a higher price for the token. Moreover, DOGEVERSE has a hard cap of 120 million tokens, which could make it deflationary over time as more tokens are used, staked, and taken out of circulation. This scarcity factor can potentially drive up the token’s value.

Besides that, DOGEVERSE has a staking utility, allowing users to lock up their tokens and earn rewards. This feature will further squeeze the circulating supply, potentially creating upward price pressure.

DOGEVERSE’s presale approaches its end. Having raised over $15 million out of its $17 million hard cap, interested investors must hurry to buy at the discounted price of $0.00031 before it increases upon the DEX listing. To purchase this token, visit its official site and follow the process.

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Rida Fatima Crypto/Tech Content Writer

Rida Fatima Crypto/Tech Content Writer

Rida is a Tech freelancer and she’s a technology and cryptocurrency geek but also writes intuitive articles on other topics. Rida's motto is ‘‘Research Deeply, Test Thoroughly, and Write Simply.