SHIB Continues to Rise Despite Speculation of a New Drop - COINTURK NEWS
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SHIB Continues to Rise Despite Speculation of a New Drop

7:24 pm (43 days ago)
August 15, 2023

SHIB, which has gained more than 10% in the last week, continued to rise and stood out from the market with its positive performance, despite the low volatility in the cryptocurrency market. However, the high amount of cryptocurrency inflow recorded in exchanges while SHIB is still rising has led to speculation about a possible new drop.

Value Increase Reached Double Digits

With the consolidation of the leading cryptocurrency, Bitcoin, between the price levels of $29,000 and $30,000 in recent weeks, the cryptocurrency market has shown a relatively flat trend during this period. Although sharp price movements have not been observed in most cryptocurrencies with high market value in the past week, SHIB has gained momentum in the upward direction since last week, standing out from the market.

During the last week, SHIB, which has gained more than 10% in value, started trading at the price levels of $0.00001. With these recent value increases, according to CoinMarketCap (CMC) data, SHIB has become one of the cryptocurrencies with the highest market value among the top 100 cryptocurrencies, with the highest percentage increase of the week.

Is SHIB Getting Ready for a New Drop?

Crypto analysis platform Santiment evaluated the cryptocurrencies that stand out from the market in a report published last week. Santiment suggested that the significant recent increases in speculative cryptocurrencies such as Shiba Inu (SHIB) and Pepe (PEPE) are largely due to the low volatility in the leading cryptocurrency, BTC.

On the other hand, although double-digit increases were reached within the weekly time frame, SHIB experienced a decrease of about 2% in the last 24 hours. In addition, according to CMC data, there was an average decrease of about 30% in SHIB’s total trading volume in the last 24 hours.

Furthermore, after the recent increases, cryptocurrency inflows to exchanges also increased. According to Etherscan data, an unknown address transferred approximately 478 billion SHIB tokens to the cryptocurrency exchange Coinbase.

Disclaimer: This article does not provide investment advice. Investors should be aware that cryptocurrencies carry risks due to their high volatility and should conduct their own research before making any transactions.

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