- Shiba Inu reaches record weekly trading volumes since 2021, indicating possible start of new market cycle.
- Despite fluctuations, SHIB shows bullish trend, with expectations of surpassing previous highs driven by general market.
Shiba Inu (SHIB) recorded its most significant weekly trading activity since the zenith of the 2021 crypto bull run, potentially indicating the onset of a fresh market cycle. This observation is based on analyses that highlight a past period of expansion during which comparable levels of engagement propelled SHIB to unprecedented heights.
In terms of accumulation, SHIB has failed to take advantage of Bitcoin’s (BTC) surge on March 11, when this cryptocurrency surpassed $72,000. It is interpreted that trading within Shiba Inu’s range could be a prelude to a more forceful price increase.
In a recent update, cryptocurrency expert and YouTuber Myles G Investments demonstrated that Shiba Inu has entered back into a phase of accumulation, employing a 4-hour chart for visualization.
An expected surge beyond $0.000054 is foreseen, characterizing a period where the asset, currently in accumulation, oscillates within a range prior to a substantial increase. Such an upturn is predicted to elevate SHIB to unprecedented levels, with projections of surpassing $0.00004 followed by a slight pullback. After this minor adjustment, SHIB is projected to exceed the $0.000054 threshold.
Data from the daily chart reveals that Shiba Inu exhibited comparable price movements in the growth phase of 2021. SHIB witnessed a 406% rise, moving from $0.00000697 in September 2021 to reach a zenith of $0.00003528 by October 2021. After this notable rise, SHIB retreated from its high of $0.000035.
Following a period of stabilization under $0.000010 throughout much of 2023, Shiba Inu has recently achieved a significant breakthrough, surpassing $0.000045 and marking a 4.5-fold increase in value within several weeks.
This upward movement signals a bullish revival as investors rally again in one of the most widely followed meme cryptocurrencies.
