Shiba Inu Coin Just Killed The Whole Crypto Market Coins
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Shiba has seen a massive rise in high value transactions within the past 24 hours. To be exact, SHIB has seen 761 large transactions and with it an increase of 450%. IntoTheBlock only counts transactions that are over $100,000 and in the past week alone there was a total of $623 million big transfers. The reason for seeing all these big transactions is because SHIB saw a 50% rise in price over the past week. SHIB was one of the top traded coins in the past day, but Bitcoin, Ethereum, XRP saw a broader trade volume. It was reported on February 4th that 70% of SHIB traders on Coinbase Global Inc targeted to buy Shiba Inu. Shiba has reached a height of $0.000035 which is up 75% from its low of $0.000020 last year. It’s only been increasing ever since February 4th by nearly 32%. Even though SHIB has been outperforming other coins it still trails DOGE’s market capitalization. SHIB sits at $16.28 billion and DOGE sits at $19.5 billion. However Baby Doge has set a new record and has 1.4 million holders which leaves Shiba Inu trailing. BscScan showed BabyDoge had the 1.4 million holder, but the Etherscan showed the holder count for Shiba stands at 1.1 million. Let us break down some key technical indicators. The decrease in volume is a big concern for SHIB as well as its ambition to go higher. Typically this is a sign of a current bullish trend. If it does not change, a break of the key resistance is unlikely. The daily RSI dropped back to 56 points and has not reached the overbought area. This implies SHIB has enough momentum to start a bullish rally before another correction. If the price doesn’t fall under key support then SHIB has a higher chance to rise in the next week. The only worry is the falling volume which is affecting the bullish momentum. Things could switch up in SHIB’s favor in a moment, but it is unclear at this moment. In other news there has been prepping for the festivities tomorrow. In preparation for the big burn event Steven Cooper who is the founder of Bigger Entertainment said he thinks Shiba’s community could burn 1 trillion tokens of SHIB’s supply that is circulating.
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