Shiba Inu Recovers From 31.07 Billion Token Dump, Can $SHIB Price Touch ATH?
Shiba Inu ($SHIB) is currently on the path to recovery after a major price correction last Thursday. The altcoin which surged nearly 350% last week saw its momentum broken by Thursday after it failed to get past $0.000035. $SHIB price retraced to sub $0.00020 levels after falling through the key support of $0.000022. The altcoin has recovered since then and currently trading above $0.000027 with weekly gains still above 200%.
The massive price correction was also attributed to the largest whale dump in 6-months. Santiment data indicated that whale addresses with 1 million to 10 million $SHIB in their wallet collectively dumped 31.07 billion Shiba Inu tokens on the market. However, the weekend brought bullish momentum to the altcoin and the market is rebounding again.
Shiba Inu Needs to Breach $0.000035 to Retest ATH
The key resistance for Shiba Inu lies at the $0.000035 mark and if it manages to get past it, then the ATH of $0.0000388 is just a rally away. The altcoin woke from a long price slumber after nearly 5-months and now looks set to pull what Dogecoin (DOGE) did in the first quarter of this year as it rose to top-5 cryptocurrency by market cap. $DOGE is currently 67% down from its ATH and yet it’s over 5,000% up on the year-to-date market gains.
Shiba Inu in its recent price rally helped by the leverage market has gained over 300% in the first three days of last week which skyrocketed its market cap to over $13 billion making it the world’s 12th largest crypto leaving behind the likes of Litecoin ($LTC) and Chainlink ($LINK). A break above the current price barrier could help Shiba Inu not only retest its ATH but also enter in price discovery mode that could send its price soaring.
- Mr Beast, Whales Buy ASTER Token Amid 20% Crash, What’s Next?
- Breaking: U.S. Government Shuts Down After Congress Fails to Pass Funding Bill
- Breaking: BNB Chain Account Hacked With Founder CZ Shown Promoting Meme Coin
- Trump’s Thumzup Media Boost Dogecoin Mining Fleet, Pumps $2.5M Into DogeHash
- BREAKING: 21Shares SUI and Polkadot ETFs Gain DTCC Listing
- SUI Price Eyes $4.5 as Coinbase Futures Listing Sparks Market Optimism
- Chainlink Price Holds $20 Support Amid Tokenization With DTA Standard Progress – Is $47 Next?
- Analyst Predicts Dogecoin Price Surge as DOGE ETF AUM Hits $20M
- Ethereum Price Eyes $8,600 As Institutions And Whales Double Down
- Dogecoin Price Prediction – Chart Set-Up Highlights Perfect Buying Opportunity With Outflows Backing $0.45
- Bitcoin Price Set to Rebound Ahead of US Government Shutdown, NFP Data
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.
