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Shiba Inu (SHIB), the world’s second-largest memecoin, has approached the level of 0.0000191 with a remarkable 23% increase over the last 24 hours. This price rise coincided with an impressive 240% boost in daily trading volume, reminiscent of the major bull run observed in 2021.
FOMO Effect Resurfaces
Crypto analytics platform Santiment reported a notable 43% increase in Shiba Inu’s value over the past nine days, alongside a surge in on-chain activity. Key metrics supporting this rally include strong trading volume, an uptick in SHIB circulation, and whale transactions reaching a 10-week peak.
Additionally, the increase in SHIB’s social dominance has strengthened the fear of missing out (FOMO) among traders.
Trading Volume and Derivative Data
Santiment’s data indicates that Shiba Inu’s sharp price increase may lead to a local peak. Currently, SHIB is trading at approximately 0.00001901 dollars, ranking 13th in the crypto market with a market cap of 11.3 billion. For the price to reach the February target of 0.000043 dollars, bulls need to push the price above 0.000020 dollars while maintaining strong trading volumes.
Derivative data for the memecoin also shows strength, with open interest climbing 65% to exceed 60 million dollars. Furthermore, Shiba Inu’s liquidations in the past 24 hours reached 2.23 million, with short positions constituting 1.29 million of that total. A significant increase in the funding rate has also been observed, indicating a bullish trend among SHIB futures traders.
If bulls manage to drive SHIB’s price above 0.20 dollars, a potential additional rally of 100% is anticipated within a few weeks. However, traders remain curious if the memecoin can replicate the astonishing 45,000% bull run experienced in 2021.
This week, the Shiba Inu ecosystem continued to progress with the announcement of the SHI stablecoin launch. Additionally, the total value locked (TVL) in the Layer 2 network Shibarium reached a new peak of 3.64 million.
Shiba Inu’s recent price surge has shown a significant upward trend, fueled by increases in both trading volume and social interactions. These developments present various scenarios for traders regarding SHIB’s future performance.
