The Gamestop (GME) tailwind in 2021 was a major event, with major institutional investors losing billions of dollars in a coordinated effort to counter the retail demand frenzy. The nostalgia of this historic event is reflected in the crypto meme coin market this week. Right now, Shiba Inu (SHIB) price looks set to join the meme coin craze, experiencing a potential parabolic breakout.
SHIB is trading at $0.000025, up 20.77% on May 16. This price increase is global meme coin It is in line with the general bullish sentiment in the market.
Gamestop Since the incident broke on May 12, the meme coin market has seen significant capital inflows. Dogecoin (DOGE) and Dogwifhat (WIF) posted double-digit gains, while PEPE gained 90% during the month, reaching a new all-time high on May 14.
Shiba Inu Trading Volume Jumps to $155 Million as Bulls Eye More Upside
Further confirming SHIB’s bullish outlook, on-chain data shows investors are rapidly piling additional capital into SHIB markets this week.
Santiment’s trading volume chart below tracks the dollar value of daily transactions involving SHIB on a given day.
SHIB investors completed $18.9 million in SHIB transactions at the beginning of the week on May 12. However, according to the table above, this figure increased to $174.5 million on May 16.
This $155 million increase in trading volume represents an almost 1,000% increase in activity in the SHIB spot markets between May 12 and May 16, far exceeding the 20.77% price increase in the same time period.
When the increase in trading volume outpaces the price increase, it indicates a high trend for a prolonged upward move. While increased market liquidity allows for-profit investors to exit without hindering the rally, increased capital inflows are also notable.
Additionally, SHIB’s earnings in May 2024 currently still pale in comparison to companies like PEPE and DOGE. In fact, strategic new participants may think the Shiba Inu price is undervalued and move to take additional positions in anticipation of another rally in the coming days.
SHIB Price Projection: $0.000030 Target Now in Focus
Shiba Inu price is trading above the $0.0000025 support at the time of writing. However, with the $155 million growth in trading volume and the bullish sentiment surrounding the global meme coin market, SHIB price is likely to move towards $0.000030 in the coming days.
Considering the short-term resistance levels, the upper-bound Bollinger band indicator signals that the bulls may have difficulty clearing the $0.000026 level. However, if this resistance level is breached, there could be a quick break above $0.000030. On the other hand, in case of a downturn in the market, it is predicted that the bulls may create an initial support buy wall at $0.000022.
Source : The Crypto Basic
