Thursday, April 18, 2024

SHIB Holders Rake in $373 Million as Shiba Inu Soars.

Meme currencies and AI/metaverse tokens had a sharp increase in value in 2024, following the price explosion of Bitcoin. EthereShiba Inu’s March 5 surge to a 2024 high of $0.00004567 was most likely sparked by money, leaving the largest asset by market capitalization and coincided with Bitcoin’s rise.

Although holders took large profits, the SHIB price managed to remain above the psychologically significant support level of $0.000030.

The Shiba Inu price could sustain recent gains with these catalysts.

Meme currencies have historically seen a price increase in response to a rise in Bitcoin’s prominence and an asset price increase. The gains from Bitcoin are probably spread to other industries, such as gaming tokens, AI, meme currencies, and the metaverse.

Despite recent holder profit-taking, the price of SHIB surged to its year-to-date top of $0.00004567. The meme currency has managed to hold above a psychologically significant price level. As SHIB reached its 2024 top, investors realised profits of $372.93 million, according to Santiment statistics.

When SHIB investors realised $882.83 million in losses on March 3, the meme currency had given traders an opportunity to “buy the dip.” Shortly after, the price of Shiba Inus surged to its peak in 2024.

The head of the Shiba Inu project, Shytoshi Kusama, is working to launch the ecosystem token BONE on Binance. Furthermore, Shibburn data shows that on March 9, 13 billion SHIB tokens valued at $463,000 were burned. The price of SHIB has probably increased within the last week due to these reasons.

SHIB gave investors weekly gains of 55%, and if purchasing pressure continues, the meme currency is probably going to continue rising towards its all-time high. The quantity of SHIB on exchanges has decreased to 76.9 trillion, or about 1%, since the start of March. This lessens the selling pressure on the meme currency, and in the upcoming weeks, there’s probably an opportunity for the price of SHIB to regain lost ground.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
RELATED ARTICLES

Most Popular