Shiba Inu Price Prediction as SHIB Sees $100,000,000 Trading Volume Come In – Pump Incoming?
Shiba Inu, the Ethereum-based ERC-20 Shiba Inu inspired token that powers the Shiba Inu ecosystem, was last trading around the $0.000009 level and within recent ranges on Friday, with cryptocurrency markets in wait-and-see mode ahead of the release of key US jobs data. The SHIB token is about 13% up versus the multi-month lows it printed just above $0.000008 in late November, having been bolstered by a broad recovery in the cryptocurrency market, though sentiment remains fragile in wake of last month’s abrupt collapse of the FTX exchange.
According to CoinGecko, SHIB has seen trading volume across major cryptocurrency exchanges of over $125 million in the past 24 hours. That’s impressive, but, according to TradingView data sourced from Coinbase, doesn’t represent much of a deviation from the volume profile that SHIB has seen in recent weeks. For example, on Thursday, SHIB tokens saw a trading volume of 1.26 trillion, lower than Wednesday’s 2.254 trillion and similar to Tuesday’s 1.155 trillion.
The lack of volume at the moment likely suggests that a pump in SHIB’s price isn’t coming anytime soon. Volume spikes typically happen at the same time as significant SHIB price movements, which often involve a quick pump followed by a sudden dump in prices.
SHIB’s latest rally from lows has seen it move back above its 21-Day Moving Average. SHIB bulls will be hoping that this means the cryptocurrency can soon push back above the $0.000010 level and challenge the next group of major moving averages between $0.000010-11.
However, even if SHIB is able to manage a bullish push, many technicians think that its prospects for further neat-term upside look limited. That’s because the cryptocurrency has been moving lower over the last few
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