Shiba Inu finally deletes one zero from its value amid an impressive rally that has resulted in a 51% increase in four weeks as interest in the asset skyrockets.
Shiba Inu (SHIB) has been on an impressive rally since July 28, witnessing a remarkable 51% surge in under four weeks. The surge gained momentum on August 3, propelling the asset to reclaim a four-month high of $0.0001052, effectively deleting one zero from its value.
This bullish trend has captivated the attention of investors, leading to an increase in trading volume and a surge in demand for the SHIB token.
Investors Look to HODL Amid Surging Volume
According to a recent tweet from Santiment, a renowned crypto behavioral analytical platform, Shiba Inu’s price rally comes as the trading volume hits an astounding $895.84 million, marking its highest level since February 6.
This surge in volume has played a significant role in fueling the bullish momentum as more traders join the fray to capitalize on the upward trend. The anticipation for the Shibarium launch this month has further compounded this growing interest.
? #ShibaInu has jumped another +15% in the past 24 hours alone, and a few indicators support the rally continuing. Trading volume is supporting the pump in a big way, & it doesn't look like there are many #hodlers moving their $SHIB to exchanges to sell. https://t.co/g9ECBIgK3N pic.twitter.com/G2vtYpEMIh
— Santiment (@santimentfeed) August 6, 2023
The latest data also reveals that the supply of SHIB on exchanges has significantly declined to 8.29%, the lowest level since April 2021. This reduced supply on exchanges indicates that long-term holders are showing resilience and taking their assets off exchanges, further strengthening bullish sentiment.
The Crypto Basic called attention to the growing trend of exchange withdrawals earlier this month as investors looked to take their holdings to self-custodial wallets.
Notably, a report from August 1 highlighted that Shiba Inu investors withdrew a whopping 3 trillion SHIB ($28 million) from exchanges in July. These withdrawals suggest intentions to hold the tokens for an extended period, bolstering the recent rally.
Per Santiment, multiple indicators suggest that the upward trajectory might persist as the rally continues. The trading volume is a major driving force behind the recent price surge. With such strong volume support, Santiment expects the momentum to carry Shiba Inu higher, attracting more interest.
Shiba Inu Price Outlook
However, SHIB has faced resistance to the recent rally at the time of reporting. Over the past two days, Shiba Inu has shed off 7% of the gains picked up, eventually plummeting below the $0.00001 psychological level. Despite the drop, SHIB holds above $0.000009, retaining a 26.81% gain in the last month.
Shiba Inu changes hands at $0.00000928 as of press time. Amid the price movements, market experts advise caution as cryptocurrencies are known for their inherent volatility. Investors should be vigilant and conduct thorough research before diving into the market.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
