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Traders Open Large Volume Shorts on XRP, Will XRP Do Opposite and keep Rising

Sam Wisdom Raphael
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Traders Open Large Volume Shorts on XRP, Will XRP Do Opposite and keep Rising

Prominent traders have opened short trades on XRP with substantially large volumes, as some expect the altcoin to record a pullback from here.

XRP has been on a remarkable rally, surging 283% in November and closing above $1.95. Interestingly, the momentum carried into December, with prices climbing 40% in just three days to trade above $2.70. 

XRP’s explosive growth has seen it overtake Binance Coin (BNB), Solana (SOL), and USDT to become the third-largest cryptocurrency by market cap. However, the market is split on what comes next. 

Traders Open XRP Shorts Amid Overbought Condition

Indicators signal overbought conditions. XRP’s daily RSI has climbed to 94, and its CCI is at 220. These figures suggest the asset might be ripe for a pullback, leading traders like Elon Trades to take short positions. Elon noted he has opened a $500,000 short on XRP, predicting a decline below $2.  

This move triggered mixed reactions. Crypto proponent Micah Paul was skeptical, referencing past traders who unsuccessfully shorted XRP. Pundit Chad Steingraber pointed out several upcoming developments that could keep XRP’s momentum alive. 

He highlighted the forthcoming launch of RLUSD and the potential resolution of the SEC vs. Ripple case. Steingraber also noted the potential approval of multiple XRP-based ETFs as catalysts for further price growth.  

Despite this, another trader Midjet revealed a similar short position on XRP at $2.71 while also longing Solana at $222. When questioned about a previous unsuccessful short, he defended his strategy by claiming he was “early” rather than wrong.

 

In addition, notable crypto trader Gordon also disclosed that he has placed a $250,000 short position on XRP. He expects to flip this to $5 million if XRP drops to his target level but could be liquidated if the token surpasses $3 and claims the $3.1 mark.

 

XRP Could Ride on Surging Shorts 

However, other market pundits have warned against shorting a high-performing asset such as XRP. Castillo Trading argued that shorting XRP, a coin driven heavily by retail interest, was ill-timed. 

He suggested that XRP could rally to $5, given its current momentum. Ridey, another trader, agreed, noting that XRP’s price surge was primarily driven by spot buying, with funding rates remaining stable.  

Market analyst Dom also attributed XRP’s rally to robust spot buying. He noted that spot cumulative volume delta (CVD) was rising, indicating genuine demand, while futures CVD was falling as traders continued to bet on a pullback. 

Interestingly, Dom stressed that the dominance of short positions could lead to additional short squeezes, pushing prices even higher.  

For context, data from Coinglass showed a 41% increase in XRP derivatives trading volume to $65 billion, with a long-short ratio of 0.9893. This ratio indicated a slight dominance of short positions. As more traders expect a correction, the risk of a short squeeze grows.  

A short squeeze occurs when an increase in price forces short sellers to close their positions, often by buying back the asset. This buying pressure can in turn drive prices even higher, bolstering the ongoing rally. 

With XRP’s retail-driven momentum, a sustained influx of spot buying could trigger mass liquidations, further boosting growth. At press time, XRP changes hands at $2.74, up 11.55% over the last 24 hours and by a more substantial 89% in the past week.

Here’s How High XRP Must Rise to Flip Ethereum and Reclaim the 2nd Spot

Sam Wisdom Raphael
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Here’s How High XRP Must Rise to Flip Ethereum and Reclaim the 2nd Spot

XRP would need to rally by less than 200% from its current position to flip Ethereum and secure the second spot among the largest crypto assets. 

The crypto community has recently witnessed XRP’s growth potential, with the altcoin flipping the narrative as the worst performer to become the biggest gainer over the past month. 

Amid the upsurge, XRP surpassed its 2021 peak of $1.96 on Dec. 1, 2024, and recovered the $2 price mark on the same day. This allowed the asset to reach seven-year highs and reclaim the $100 billion market cap. Shortly after, it hit a new all-time high market cap.

How High XRP Needs to Rise to Flip Ethereum Again

Recall that XRP was trading at the second spot by market capitalization during late 2017 and early 2018 before the SEC lawsuit against Ripple in December 2020. At that time, XRP was the second most valuable crypto, only behind Bitcoin.

XRP briefly held the second spot in January 2018. On January 7, 2018, XRP reached an all-time high of $3.40 during the peak of the 2017-2018 crypto bull market. At its peak, XRP’s market cap was approximately $130 billion.

In December 2024, as XRP’s market cap reached unprecedented highs and made a new ATH at around $160 billion, XRP overtook Binance Coin (BNB), Solana (SOL), and Tether (USDT) to become the third largest crypto asset.

Currently, with a valuation of $156.8 billion and a price of $2.75, XRP is set to challenge Ethereum (ETH) for the second spot again.

Notably, XRP needed to surpass the $2 mark to be able to replace USDT as the third-largest crypto asset. The altcoin must reach much higher price levels to surpass Ethereum. However, XRP is capable of reaching these price levels with a rally of less than 200% from here.

Currently, Ethereum boasts a market cap of $439.6 billion. To surpass the altcoin king, XRP would need to reach a valuation of at least $440 billion. With its current circulating supply of 57.051 billion tokens, the token must rally to $7.71 per coin to claim the $440 billion market cap.

At its current price of $2.75, if XRP replicates its November rally, it can capture this price. For context, XRP closed last month with a massive 283% rally. Meanwhile, it would only need to increase by 180% from its current position to reach the $7.71 level.

Can XRP Surpass the $7 Price

Previously, some market analysts insisted that XRP was following its 2017/2018 trajectory, which saw it rally by nearly 60,000% to reach an all-time high of $3.31 in January 2018. Interestingly, the 2017/2018 rally began with a 284% increase in March 2017. 

XRP then secured another 143% gain in April 2017 and an additional 374% rise in the following month. Now, the asset has already recorded a 283% increase in November 2024. If it replicates even half of the uptrend that followed in 2017, it could easily reach $7 and surpass Ethereum.

However, it is important to note that this assessment assumes ETH itself remains relatively stagnant. Should Ethereum also witness an exponential price increase within this period, XRP would need to surge higher than the $7 target to surpass it.

Analyst Says Bitcoin May Keep Rising as BTC Crash Narratives Surge

Mark Brennan
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Analyst Says Bitcoin May Keep Rising as BTC Crash Narratives Surge

A market veteran has maintained his bullish Bitcoin stance despite prevalent bearish sentiments but identifies key levels that could invalidate his bullish outlook.

Bitcoin’s recent price movements have triggered divided opinions among market analysts, as it has failed to claim the historic $100,000. With BTC now below $97,000, some experts predict a significant downturn, while others remain optimistic about growth potential. 

Ali Martinez, a prominent crypto market analyst, shared his view in a thread on X. Despite the growing narrative of an impending Bitcoin crash, Martinez maintains a bullish outlook. However, he outlined key levels that could challenge his optimism.  

Diverging Bitcoin Predictions  

Martinez highlighted the contrasting views among analysts regarding Bitcoin’s future. Some, like Sheldon the Sniper, foresee a bearish scenario. 

Sheldon predicts a potential sharp liquidation event that could push Bitcoin below $90,000. He attributes this forecast to recent bearish weekly candle closures, which he believes signal an imminent downturn.  

Robert Kiyosaki, the author of “Rich Dad Poor Dad,” also expressed concerns about a Bitcoin price correction yesterday. 

He suggested that Bitcoin could drop to $60,000 before rebounding. Nonetheless, Kiyosaki emphasized that such a crash would be a “buying opportunity,” as he maintains belief in Bitcoin’s long-term potential to reach $250,000 by 2025.  

Moreover, while Tom Lee, Fundstrat’s head of research, projects Bitcoin’s value to climb to $250,000 within two years, other analysts within the firm anticipate a short-term dip to $60,000 before any significant recovery.  

Martinez’s Bullish Perspective  

In contrast to the bearish outlook, Martinez remains optimistic about Bitcoin’s potential for further gains. He pointed out that social media mentions of a possible Bitcoin pullback have surged, as reported by Santiment. Historically, Bitcoin tends to defy crowd expectations, often rallying when fear dominates sentiment.  

Martinez compared the current cycle to previous ones in 2017 and 2020, noting striking similarities. If this holds, Bitcoin could surge to $120,000–$150,000 before experiencing a significant 30% correction. He identified $135,000 and $159,000 as potential resistance levels where Bitcoin might encounter its first major pullback.  

BTC Support Levels to Watch  

Despite his bullish stance, Martinez identified two important support levels that could invalidate his optimism if breached. The first key level is $93,580, where approximately 667,000 wallets collectively hold over 504,000 BTC. A drop below this level could trigger selling pressure from these holders.  

The second crucial level is $90,520. If Bitcoin fails to maintain support at this zone, Martinez believes a more pronounced correction could ensue. 

However, the market analyst expects this development to provide a buying opportunity for investors looking to capitalize on lower prices. Currently, BTC trades for $96,765 at press time, down 0.56% in the last 24 hours.

Michael Saylor Pitches Bitcoin Adoption to $3.2T Tech Giant Microsoft

Albert Brown
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Michael Saylor Pitches Bitcoin Adoption to $3.2T Tech Giant Microsoft

Michael Saylor, the executive chairman of MicroStrategy, has pitched Bitcoin adoption to the $3.2 trillion tech giant Microsoft.

In a recent presentation to Microsoft’s board of directors, Saylor emphasized that Bitcoin represents the next technological wave that Microsoft cannot afford to miss. According to Saylor, Bitcoin has the potential to redefine capital preservation and enhance productivity, making it a crucial asset for the company’s future.

This development comes as MicroStrategy continues to solidify its position as a Bitcoin treasury company.

Saylor’s Vision for Microsoft and Bitcoin Integration

In the presentation, Saylor underscored Bitcoin’s potential for Microsoft, highlighting it as the “greatest digital transformation of the 21st century.” He described Bitcoin as a superior form of digital capital, noting its ability to mitigate risks associated with traditional capital.

He cited that investors are increasingly turning to Bitcoin as a hedge against inflation and economic volatility, positioning the asset class for exponential growth from trillions to hundreds of trillions of dollars.

He further suggested that adopting Bitcoin could enhance Microsoft’s growth trajectory, offering an alternative to conventional financial strategies such as stock buybacks and bond holdings. According to Saylor, Bitcoin’s integration could provide significant returns, bolster shareholder confidence, and reduce counterparty risks. 

This perspective aligns with the growing public and institutional support for Bitcoin, including endorsements from Wall Street and increasing political backing. The presentation concludes with a message encouraging Microsoft to adopt Bitcoin for the benefit of the world.

MicroStrategy’s Bitcoin Treasury Operations

MicroStrategy has long been committed to Bitcoin and has incorporated it into its treasury operations. The company currently holds 402,100 BTC, worth $23.4 billion at an average acquisition price of $58,263 per Bitcoin.

These holdings were accumulated through strategic securities issuances, including funds raised from equity and fixed-income securities to fund additional Bitcoin purchases while maintaining financial flexibility.

The firm’s treasury strategy involves managing Bitcoin-related securities, such as spot ETFs, equity, and convertible instruments, with varying levels of leverage and volatility. This approach is designed to preserve capital while supporting productivity and shareholder value.

Amid Major Cardano Bull Run, Technical Indicators Signal Sell-off: Key Target to Watch for a Favorable Entry

Albert Brown
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Amid Major Cardano Bull Run, Technical Indicators Signal Sell-off: Key Target to Watch for a Favorable Entry

As the Cardano (ADA) bull run gains momentum, analysts warn of a pullback as indicators flash a potential short-term correction. 

Cardano has experienced a steady rise in recent weeks, reaching the $1.10 mark after a 220% monthly surge. However, sustaining momentum at this level has proven difficult.

Multiple attempts to break past $1.10 were met with rejection, indicating a formidable resistance zone. At press time, the crypto trades at $1.07, reflecting a modest 0.12% gain in the last 24 hours.

Indicators Signal Potential Reversal for Cardano

Technical analysis signals a growing risk of a price correction for Cardano. The appearance of a TD Sequential sell signal on the 3-day chart hints at a possible trend reversal or pullback.

According to analyst Ali Martinez on X, ADA proponents could target $0.88 if the correction occurs. This price point aligns with the Fibonacci 0.786 level, from which a major rebound could follow.

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Is Cardano Overbought Yet?

Momentum indicators support concerns over a potential pullback. The Relative Strength Index (RSI), previously in overbought territory above 70, has begun to drop, signaling a weakening of bullish momentum.

Although there’s no clear bearish divergence yet, the RSI decline, coupled with a red candlestick, could signal the start of a reversal.

ADAUSDT 1-day Chart TradingView
ADAUSDT 1-day Chart TradingView

Meanwhile, the MACD indicator shows the MACD line at 0.1543 and the Signal line at 0.1481, suggesting diminishing momentum. The convergence of these lines raises the possibility of a bearish crossover if the current trend persists.

Cardano Long-Term Potential

Despite near-term resistance, some analysts maintain an optimistic outlook for Cardano. Prominent pundit Dapp Central has described this period as a potential final opportunity for accumulation, citing bullish Bitcoin forecasts by Cardano founder Charles Hoskinson.

Notably, Hoskinson recently forecasted that Bitcoin could reach between $250,000 and $500,000 within 24 months, which is seen as potentially ushering in a significant bull cycle for altcoins, including Cardano.

On the other hand, analyst Lark Davis offers a more ambitious long-term outlook for Cardano. Based on Fibonacci projections, Davis argued ADA could revisit its all-time high of $3.16 during this cycle and even climb to $4.80, $7.70, and ultimately $10.

Davis attributes this growth potential to increasing interest in Cardano’s ecosystem and favorable macroeconomic conditions.

Expert Says Realistic XRP Targets Are $5 to $8, Claims $589 and $1,000 are Fantasy

Abdulkarim Abdulwahab
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Expert Says Realistic XRP Targets Are $5 to $8, Claims $589 and $1,000 are Fantasy

Tony Edward, the host and founder of the Thinking Crypto Podcast, has recently commented on the ongoing discussion about the outlook for XRP in this cycle amid its recent turnaround.

In the past four weeks, XRP has experienced a 4X price surge, reaching $2.50 again after seven years of trading below this level. The speed with which it attained this feat has reignited optimism of ambitious analysts about XRP’s prospects. Some call for far higher double-digit prices, while others even target triple-digit values.

Edward joined the conversation by disclosing his price prediction for XRP, estimating it will reach between $5 and $8. While he remains open to the possibility that XRP could slightly exceed this range, he views this as a realistic and safe projection for the current market cycle.

XRP Predictions of $589 to $10,000 Targets Are Fantasy

Meanwhile, Edward expressed strong skepticism about the more extreme price forecasts that have circulated in recent weeks. According to him, analysts predicting astronomical figures, like $10,000 for XRP, are delusional. “People calling for $589, $1,000, or $10,000 are out of their minds,” he said.

At press time, XRP is experiencing a pullback, trading at $2.30. To reach $5 from the current level, XRP would need to grow by 118%. Meanwhile, the upper target of $8 requires a growth of 248%.

Given that XRP has seen more substantial growth than these levels since November, some market commentators disagree with a peak of $5 to $8.

Commentators argue that Edward may not fully grasp XRP’s potential. Others insisted that calling for an $8 peak is too early since the bull market could endure for another 12 months.

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XRP Army expressing disagreement

Factor Fueling Ambitious Outlooks for XRP

X user Erick von Schulz remarked that while Edward’s conservative estimate would normally be accurate, he cited upcoming developments that call for a revised outlook. 

Specifically, Schulz believes the arrival of the RLUSD stablecoin on XRP’s blockchain this month, coupled with seven years of price suppression, increasing institutional adoption, and the expected ETFs, are massive bullish catalysts that could drive XRP to much higher prices.

Accordingly, Schulz noted that he has revised his target for XRP to $15+ and will adjust it further as new information becomes available.

Notably, market commentators calling for more conservative outlooks believe that as XRP climbs higher, its explosive price potential will progressively decrease as its market cap expands. For further analysis, check out the Ripple coin news. As a result, they consider overly optimistic targets unrealistic for the short term.

MicroStrategy Adds $1.5B in Bitcoin to Its Portfolio, Now Holds 2% of Total BTC Supply

Abdulkarim Abdulwahab
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MicroStrategy Adds $1.5B in Bitcoin to Its Portfolio, Now Holds 2% of Total BTC Supply

World-renowned Bitcoin bull MicroStrategy has made another significant acquisition of BTC, deploying billions of dollars into the crypto market for the fourth consecutive week.

The company’s chairman, Michael Saylor, revealed the news in a post on X today. He disclosed that the firm had acquired an additional 15,400 BTC for approximately $1.5 billion at an average price of $95,976 per BTC.

With this latest purchase, MicroStrategy now holds a total of 402,100 BTC. The company built this portfolio over the past four years with a cumulative investment of $23.4 billion. This brings the average cost of each token to $58,263. Accordingly, the company now sits on an unrealized profit of $15.1 billion from its Bitcoin holdings.

Saylor proudly shared that the Bitcoin portfolio has yielded a 38.7% return on a quarter-to-date basis and an impressive 63.3% return year-to-date.

Fourth Straight Weekly Bitcoin Purchase

This latest acquisition comes just a week after MicroStrategy made its largest Bitcoin purchase to date. Specifically, it deployed $5.4 billion to acquire 55,500 BTC at an average price of $97,862 per coin on November 25.

Just seven days earlier, on November 18, the company purchased 51,780 BTC for $4.6 billion at an average price of $88,600 per coin. Meanwhile, on November 11, MicroStrategy bought 27,200 BTC with $2.03 billion.

Cumulatively, MicroStrategy acquired 134,480 BTC in November alone, and this aggressive acquisition strategy has spilled into December, as MicroStrategy maintains its streak of weekly purchases.

The November Bitcoin Surge

MicroStrategy’s intensified Bitcoin purchases in November coincided with the outcome of the U.S. election, where pro-Bitcoin candidate Donald Trump was elected president. Trump has promised to support the creation of a Bitcoin reserve for the U.S. and to hold the country’s Bitcoin without selling it.

This pro-Bitcoin stance has led to speculation that other countries might follow suit, which would further cement Bitcoin’s role as digital gold and a store of value. As more countries and institutions embrace Bitcoin reserves, the supply of available BTC could shrink, potentially contributing to an increase in value.

With a total holding of 402,100 BTC, MicroStrategy now commands 2.03% of the total Bitcoin supply of 19.7 million tokens.

WisdomTree Officially Seeks SEC Permission to Launch XRP ETF in the US

Mark Brennan
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WisdomTree Officially Seeks SEC Permission to Launch XRP ETF in the US

WisdomTree becomes the latest asset manager to submit an S-1 application to the U.S. SEC for an XRP ETF. 

The company submitted the application today, indicating that the fund, dubbed WisdomTree XRP Fund, would grant investors exposure to XRP. 

The development comes days after the company submitted a preliminary filing in the State of Delaware, seeking to launch an exchange-traded product tied to XRP. The company has taken another major step as it officially seeks the SEC’s blessings for the XRP ETF.

WisdomTree XRP ETF Application 

According to the filing, the WisdomTree XRP ETF shares will be listed and traded on the Cboe BZX Exchange under an undisclosed ticker. While WisdomTree Digital Commodity Service will serve as the trust’s sponsor, New York’s oldest bank, BNY Mellon, is the fund’s administrator.

The system will derive the value of the shares daily using an independent reference rate that sources its rate from XRP’s spot prices on major trading platforms.

Additionally, WisdomTree will redeem or create the trust’s shares in blocks of 5,000 Shares in exchange for cash. Currently, WisdomTree has yet to specify certain details, such as the reference rate, ticker, and price of each share. 

Top Asset Managers Seeking to Launch XRP ETFs 

For context, WisdomTree’s filing marks the fourth application the SEC has received for an ETF exclusively tied to XRP. Prior to this filing, top asset managers like Bitwise, 21Shares, and Canary Capital had submitted similar applications for XRP.  

Additionally, leading asset managers such as Grayscale Investments and Bitwise are also seeking to convert their multi-coin funds, which contain cryptos like XRP, to spot exchange-traded products (ETPs). 

While the SEC has acknowledged the applications for the XRP-related basket ETPs, the regulator has yet to comment on filings exclusively on XRP. 

Potential Settlement of SEC v. Ripple Lawsuit 

These asset managers seek to launch different investment products around XRP despite the token’s involvement in the SEC v. Ripple lawsuit, which is currently in the Court of Appeals for the Second Circuit.

The appeal, which will fully commence in January 2025, will see the parties challenge a federal court ruling regarding Ripple’s past XRP sales. 

While the SEC seeks to overturn the decisions on Ripple’s programmatic sales and other distributions of XRP, the company challenged the institutional sales ruling, which was deemed investment contracts. Before the U.S. election, several legal analysts, including Fred Rispoli, projected that the Second Circuit would issue its verdict in 2026. 

However, following Donald Trump’s emergence as U.S. President-elect, there are speculations that his administration would pave the way for favorable regulations, potentially leading to the resolution of the lawsuit. This speculation gained momentum after Gary Gensler announced plans to resign as SEC Chair on January 20, 2025. 

Consequently, XRP has skyrocketed tremendously as more rumors about a potential settlement of the lawsuit emerge.

Specifically, the price of XRP spiked over 300% in one month, hitting a six-year high of $2.49 today. XRP also reclaimed the third position after its market cap overtook that of Solana (SOL) and Tether (USDT). 

At press time, XRP trades at $2.4, ranking as the third-biggest cryptocurrency, with a market cap of $136.6 billion. 

Marathon Digital Announces Plans to Raise $700M to Buy Bitcoin

Mark Brennan
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Marathon Digital Announces Plans to Raise $700M to Buy Bitcoin

Crypto miner Marathon Digital mimics MicroStrategy’s playbook, announcing plans to raise fresh capital to fund its insatiable Bitcoin appetite.

In a press release on Monday, the largest US crypto miner announced it will raise $700 million to increase its Bitcoin stash. The firm intends to raise the funds by offering convertible senior notes to entities “believed to be qualified institutional buyers” under the law.

Notably, Marathon announced the convertible notes are unsecured, with investors obligated to reclaim them in 2031. Per the announcement, MARA reserves the right to offer investors an additional $105 million worth of convertible senior notes, totaling $850 million.

Proceeds for Bitcoin Purchase

The crypto miner noted it would use the realized funds to increase its Bitcoin stash and fulfill other general purposes. For context, MARA will employ a part of the fund, specifically $50 million, to repay holders of its convertible notes due in 2026.

As usual, Marathon indicated that investors could redeem the debt vehicle in cash on the due date. Meanwhile, an option that gives them the fund’s equivalent of the miner’s common stock also exists.

Notably, the Monday announcement came a few weeks after Marathon announced it had raised $1 billion to buy more Bitcoin. As expected, the miner purchased 5,771 BTC two days later, taking its stash to over 33,875 bitcoins.

Marathon on a Bitcoin Standard

Meanwhile, Marathon’s debt offering attracted Michael Saylor, MicroStrategy’s chairman and co-founder. In response to the announcement, Saylor lauded the miner’s effort, stating it is a firm on the Bitcoin standard.

Notably, Marathon mimicked MicroStrategy’s Bitcoin playbook, using various debt offerings to stack the pioneering cryptocurrency. The strategy has ensured that the software firm upped its Bitcoin holdings to 402,100 BTC, becoming the largest public firm holding BTC.

Nonetheless, other firms have also raised capital through convertible note sales to buy Bitcoin. One of the latest to adopt the playbook is Japanese firm Metaplanet, which recently realized $11 million through the acquisition of more Bitcoin.

Meanwhile, Marathon’s stock reacted mildly to the development, growing a meager 1.86% to 27.42. In addition, MARA has appreciated over 15% in the past five days as the crypto market’s bullish momentum continues to reflect on miners’ stocks.

Shiba Inu Lead Celebrates SHIB Massive Comeback, Cites 274% Yearly Growth

Mark Brennan
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Shiba Inu Lead Celebrates SHIB Massive Comeback, Cites 274% Yearly Growth

Shiba Inu lead developer Shytoshi Kusama has highlighted the impressive performance of SHIB, which has experienced remarkable growth across various timeframes.

As the ongoing bull market regains momentum, Shiba Inu has emerged as one of the top performers, setting a fresh 30-day high. Kusama took to X to mark this development.

In Today’s Shiba Inu coin news, Kusama shared a chart showing that at the time of posting, Shiba Inu was experiencing a 2.2% gain on the hourly timeframe. Over the 24-hour period, the token surged by 19.6%, marking a substantial single-day increase.

The weekly growth showed a 16.8% rise, indicating steady gains. Similarly, over the past 14 days, SHIB recorded an increase of 28.8%. The 30-day performance demonstrated a 77.9% rise, highlighting a robust rally over the previous month. On an annual scale, SHIB’s 274.7% increase solidified its status as a top performer.

Given this impressive performance across major timeframes, Kusama responded to critics by saying, “[How] would you FUD this token?”

Shiba Inu Price Increase
Image Source: @ShytoshiKusama, X (Twitter)

Shiba Inu Sees Massive Trading Volume 

Moreover, trading volume emerged as another strong indicator of Shiba Inu’s upward momentum. Observers noted that SHIB reached $7 billion in trading volume on December 1, surpassing the combined volumes of AVAX, TRX, TON, and XLM. Kaal Dhairya, one of Shiba Inu’s prominent developers, highlighted this milestone on X.

Data from CoinMarketCap confirms Shiba Inu was among the most traded tokens in the last 24 hours, with a volume exceeding $6.08 billion. 

Analysts and community members have attributed this surge in trading volume to heightened activity within the Shiba Inu ecosystem. This has included growing calls for broader adoption of Shibarium and rising interest in related tokens like BONE and LEASH. For example, BONE’s trading volume surged by over 19%, while LEASH saw a 10% increase over the past seven days.

Imminent Breakout Predictions by Analysts

Market analysts have speculated that Shiba Inu’s ongoing phase may lead to a significant price breakout. SHIB Knight, a prominent market observer, noted that this accumulation could precede an explosive move, predicting a potential price surge to $0.000037.

Similarly, another analyst, Nebraskangooner, highlighted SHIB’s symmetrical triangle pattern, observing a potential breakout. While the analyst did not provide specific price targets, he pointed to the closing above the pattern as a bullish signal.

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