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BTCUSD Bitcoin

68,815.52

902.54 (1.33%)

14:27:24 - Realtime Data

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,351,488,597,896	SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	902.54	1.33%	68,815.52	68,815.51	68,815.52

High Price	Low Price	Open Price	Prev. Close	52 Week Range
68,918.03	67,658.00	67,857.26	67,912.98	24,900.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	14:27:24	0.000100	68,815.52	USD

Price x Volume	Volume	Base Symbol	Related Pairs
177,549,042.33	2,604.86	BTC	BTCEUR	BTCGBP	ETHBTC

Shiba Inu Just Ballooned To 124% – What’s Pushing The Price Up?

02/03/2024 6:00pm

NEWSBTC

Shiba Inu (SHIB) has experienced a remarkable surge in recent times, mirroring the broader optimism sweeping the cryptocurrency market. This uptrend coincides with Bitcoin’s impressive rise above $63,000. Related Reading: Pepe Coin Soars Over 250% – Will March Bring More Surprises? Shiba Inu Explodes On The Weekly Timeframe The memecoin has witnessed significant gains, with a solid 61% jump in a 24-hour timeframe, a more impressive 124% increase over the week, and a stellar 50% growth in the past month. Source: Coingecko Notably, SHIB has finally clawed its way into positive territory for 2023, boasting a 10% gain since February. In addition to this, its market capitalization crossed the $8.5 billion barrier for the first time in a year. This bullish momentum is further bolstered by technical indicators. The recent price climb above $0.000014 has demonstrably reignited investor interest, as evidenced by the substantial 75% surge in trading volume. This suggests a potential breakout from a previous consolidation phase and could signal further upward movement if buying pressure persists. SHIB seven-day price rally. Source: Coingecko Market Strength And Bull Run Potential The total market capitalization of cryptocurrencies is nearing $2.5 trillion, a significant milestone. This uptick has fueled speculation among some analysts for a potential bull run, a period of sustained price increases. While past performance doesn’t guarantee future results, this rising market cap does suggest a return of investor confidence. Bitcoin is now trading at $61.970. Chart: TradingView.com These often highly volatile assets have experienced explosive price jumps, potentially contributing to a positive feedback loop within the broader market. This “meme coin frenzy” could be a sign of increased retail investor participation, which can be a double-edged sword, driving prices up but also increasing volatility. SHIB Investor Sentiment An interesting technical indicator is the improvement in Shiba Inu (SHIB) investor sentiment. Data suggests that over 50% of SHIB holders are currently sitting on profits, compared to a mere 10% in September 2022. This shift reflects the positive impact of the recent price increase and could further fuel buying pressure if the trend continues. Shifting Tides Meanwhile, on-chain data from Lookonchain indicates a sizeable investor, commonly referred to as a “whale,” has made a strategic shift in their holdings. This whale liquidated nearly 2 trillion PEPE tokens, profiting $3.5 million. This divestiture suggests the whale perceived PEPE to be nearing a price peak or no longer aligned with their investment goals. Related Reading: BNB Barrels Past $400, As Binance TVL Nears $5 Billion – Details Following the PEPE sale, the whale reinvested a portion, $893,000, into Shiba Inu (SHIB). This strategic allocation of 76 billion SHIB tokens suggests the whale anticipates potential growth in SHIB’s price. However, it’s important to remember that this is a singular instance. Featured image from Pexels, chart from TradingView

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