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

The post Top 3 Reasons Why Shiba Inu (SHIB) Price is Up Today appeared first on Coinpedia Fintech News

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.

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

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.

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.

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.

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. 

$SHIB flipped $ADA ( again today) pic.twitter.com/cSu2fZuwcn