• Shiba Inu (SHIB) is the world’s second-largest dog-inspired meme coin.
• Trading volumes of SHIB have been increasing rapidly, hitting $420 million earlier this week.
• Optimism about upcoming ecosystem upgrades for Shiba Inu could continue to pump the price higher.
Shiba Inu Overview
Shiba Inu (SHIB) is the world’s second-largest dog-inspired meme coin by market capitalization after Dogecoin that lives on the Ethereum blockchain as an ERC-20 token. It has been consolidating in the $0.000011-0.00001150 area in the last few days and has failed to keep pace with a rapid surge in Dogecoin over the last few days after widely used social media application Twitter changed its logo to the Dogecoin logo (a picture of a Shiba Inu dog). SHIB continues to remain constrained to the upside by its 50-day moving average around $0.00001150, while the 21, 100 and 200DMAs all also continue to act as a magnet to the price action.
Increasing Trading Volumes
Despite this, trading volumes have been trending higher in recent days and some think SHIB could soon be about to pop higher. According to data sourced from CoinGecko, SHIB trading volumes across exchanges hit an impressive $420 million in on Wednesday, even before the day even ended. That comes after trading volumes neared $600 million on Tuesday, their highest level since mid-March. Since the start of the year, SHIB trading volumes have been gradually rising in tandem with strong price performance – Shiba Inu is nearly 40% up on the year.
If it can break away from its cloud of major moving averages, which continue acting as a drag, and get above support-turned-resistance in the mid-$0.000011s, then it could threaten a retest of these earlier annual highs. The fact that Twitter’s logo is currently a Shiba Inu (even if it’s the Dogecoin logo, not the Shiba Inu logo) should be a tailwind as well as optimism about upcoming Shiba Inu ecosystem upgrades which could also pump optimism for SHIB prices going forward.
Whales Eyeing Another Coin for 10x Gains
While much attention has been given to Dogecoin lately due to its soaring prices driven largely by celebrity endorsements and Reddit discussions; whales are eyeing another coin that they believe will provide them with 10x gains – Shiba Inu (SHIB). This potential token is still relatively unheard of compared to major cryptocurrencies like Bitcoin or Ethereum but its popularity seems set for an explosion due to its attractive features such as low transaction costs enabled through layer 2 scaling solutions such as Shibarium along with upcoming ecosystem developments designed specifically for users who want access into DeFi space without having high gas fees associated with it making this coin highly sought after by savvy investors looking for big returns quickly!
In conclusion, there are many factors driving up interest in Shibe Token such as increasing trade volume across exchanges coupled with positive news surrounding Twitter changing their logo temporarily being one example which when combined together may point towards further growth ahead for this cryptocurrency project! Additionally whales believing that it could potentially provide them with 10x gains add further fuel onto what already looks like an interesting investment opportunity so watch out!