Shiba Inu Price Retraces 10% As Justin Sun Moves 20B SHIB Tokens
Highlights
- SHIB leads the memecoin rally, hitting new highs since April 2022, with a notable retracement.
- Justin Sun's transfer of 20 billion SHIB tokens adds a significant twist to the market dynamics.
- Investors urged to approach memecoin market with caution amidst significant gains and heightened activity, emphasizing the need for informed decision-making.
Shiba Inu (SHIB) has emerged as the frontrunner amidst the recent surge in the meme coin market. Surging to certain ALT levels that have not been reached since since April 28, 2022. This significant increase followed a remarkable rally of 150% that commenced on February 26. However, as SHIB approached the $0.000025 mark, it faced resistance, eventually retracing by 10% to settle around the $0.000022 mark.
Notably, Justin Sun, a prominent figure in the crypto community, made waves by transferring a substantial amount of SHIB, totaling 20 billion tokens valued at over $544.4K. Despite this retracement, the sentiment among the majority of SHIB holders remains bullish, reflecting optimism in the coin’s future prospects. At the time of reporting, SHIB price stands at $0.00002603, reflecting a notable 15% increase in the past 24 hours.
Shiba Inu (SHIB) Trading Volume and Investor Sentiment
The recent surge in SHIB’s trading volume has been notable, reaching a 3-year peak of $6.4 billion on March 2. However, in subsequent trading sessions, this volume witnessed a decline, settling at $3.9 billion. This $2.4 billion decline in trading volume suggests that existing investors are exercising caution, potentially anticipating a market rebound.
Interestingly, despite the decline in trading volume, the pace of this decline compared to the asset’s price suggests a robust underlying confidence among investors. Factors contributing to this confidence include positive sentiment surrounding DOGE-themed meme coins and an increased SHIB burn rate, both of which contribute to optimistic price forecasts. On-chain data from Santiment further supports this narrative, revealing a significant surge in trading volume for meme coins like SHIB, PEPE, FLOKI, and BONK, with increases averaging over 3,000% in the past week alone.
Also Read: Dogecoin Whales Move 245M Coins Amid ETF Buzz, DOGE To Hit $0.2?
Cautious View Amid Meme Coin Market Rally
While the recent rally in meme coins, including SHIB, DOGE, PEPE, and others, has been impressive, investors are urged to proceed with caution. Analysis indicates gains ranging from 30-50% across these coins, reflecting the broader market rally. However, as meme coins ride this wave of momentum, investors should remain vigilant.
The extraordinary increase in trading volume signals heightened market activity and investor interest, yet the volatile nature of meme coins warrants careful consideration. Despite the optimism surrounding these assets, investors are reminded to assess the potential risks associated with such volatile investments. As the market continues to evolve, maintaining a cautious yet informed approach is crucial for navigating the ever-changing landscape of meme coins and cryptocurrencies.
Also Read: Cardano’s Charles Hoskinson Maxes Out Donation For XRP Lawyer John Deaton
- Bitget US Stock Futures Trading Volume Surpasses $200 Million
- Binance Founder CZ Predicts Bitcoin Will Flip Gold’s $30 Trillion Market
- Trump Tariffs: U.S. President Threatens 155% Tariff on China, Bitcoin Falls
- Hassett Says Government Shutdown Could End This Week as Crypto Markets Brace for Inflation Data
- ‘Floki Is The CEO’: FLOKI Surges Over 20% After Elon Musk’s Name Drop
- Ethereum Price Targets $8K Amid John Bollinger’s ‘W’ Bottom Signal and VanEck Staked ETF Filing
- Pi Coin Price Eyes 50% Upswing As AI-Powered App Studio Update Ignites Optimism
- Bitcoin Price Prediction as Gaussian Channel Turns Green Amid U.S.–China Trade Progress and Fed Rate Cut Hopes
- Solana Price Prediction: Analyst Notes Bearish Breakdown Amid Derivatives Slowdown
- Shiba Inu Price Eyes Recovery as Burn Rate Jumps 10,785% – Can SHIB Hit $0.000016?
- Ethereum (ETH) Price Prediction: Analyst Eyes $7,000 by Q4 as Bitmine Accumulates $281M ETH — Will History Repeat Itself?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
