After hitting a low point in December, there has been a 50% increase in the price of the Shiba Inu token and the daily trading volume of the meme coin has also hit $300 million.
The growth in the price and volume of SHIB has been reflected in the currency’s market capitalization, which has reached $6.8 billion. It has replaced Litecoin as the 13th-largest crypto in the market.
The total number of Shiba Inu tokens in circulation has climbed to 549 trillion, but its total supply stands at 589 billion.
There is a difference in tokens because the remaining have been locked for the purpose of staking in smart contracts.
Price uptrend
When it comes to crypto whales, Shiba Inu has proven to be a favorite, particularly in the case of Ethereum whales.
WhaleStats show that on Friday, Shiba Inu was the top 10 most used smart contracts for the 1,000 biggest whales on Ethereum.
The story gets more interesting, as SHIB also appeared to be the most used smart contract for the 100 biggest Ethereum whales in the last 24 hours.
Some of the other tokens along with SHIB include Numeraire (NMR), Maker (MKR), Bitconomy (BICO) and Decentraland (MANA).
Whale movements
Meanwhile, it turns out that a colossal number of Shiba Inu tokens have been moved by an opulent whale, likely in preparation of the launch of the layer-2 protocol named Shibarium.
Whale Alert, which is a platform that monitors whale transactions in the crypto space, released data showing that a little more than 3 trillion SHIB were transferred by an investor.
At the time of writing, the total number of tokens were valued at $38 million. An unknown wallet initiated the transfer and the tokens were transferred to an unknown wallet.
There interesting thing is that almost a fortnight ago, the same number of tokens had been sent to an unidentifiable wallet that had a zero balance, according to data from Etherscan.
Price expectations
According to the daily frame chart, the current price of the Shiba Inu token is within a falling trend channel.
After reaching a high in January, SHIB’s price had seen a rejection at $0.00001292, but it has now reached a value of $0.00001149.
The Exponential Moving Average (EMA) of 200 days capped its movement at $0.00001181. The Moving Average Convergence Divergence (MACD) indicator’s technical outlook seems to be bearish.
But, there is a possibility that this retracement may turn out to be temporary. The short positions in SHIBs price could be triggered if MACD confirms a sell signal.
It is also possible that traders might hold onto their long positions, but this would happen if the upside momentum holds.
Thus, SHIB’s price needs just a minor push from the bulls and it does not have a lot of hurdles to overcome.