Today, the price of Shiba Inu once again moved contrary to the market and rose to a level marking the highest peak of the week. It seems to be attempting to enter the greed zone that has been ongoing. Despite moving against the downtrend in the crypto market, Shiba Inu did not experience as significant a rise as other meme coins throughout March. So, what are investors expecting for Shiba Inu?
Shiba Inu Price Analysis
Shiba Inu (SHIB) is trading at $0.00003004 after a weekly increase of 17%, having reached its weekly high of $0.00003154 before settling at its current value. At the time of writing, its market cap was valued at $17.8 billion, and it was ranked 11th with a 24-hour trading volume of $1.767 billion.
Compared to the previous day’s data, the market value showed a slight increase, while the trading volume appeared to have decreased today. Upon closer examination, the price success does not seem to be of great importance when looking at Shiba Inu’s past movements.
Nevertheless, today’s position points to one of the best values SHIB has had in the last two years. It is also important not to forget that it has experienced an increase of 210% over the last 30 days.
Why Did Shiba Inu Rise?
In the broader crypto market, Bitcoin‘s price exceeded $70,000, and the rest of the altcoins seemed to be following suit in a price rally. But the situation didn’t stop there. The general price increase of meme coins also led to an increase in their total market value.
According to data provided by IntoTheBlock, Shiba Inu saw a significant rise in on-chain activities, and the number of large transactions increased by 50%. Consequently, the number of transactions increased by 516%, rising from 4.79 trillion to 7.23 trillion.
In a single day, approximately 539 transactions were valued at over $100,000 each, which was one of the triggers for the price increase. Among these 539 transactions, one transaction in particular garnered attention by moving $62 million worth of SHIB to an anonymous wallet address associated with the Kucoin exchange.
