Shiba Inu is back in the spotlight as its total on-chain transaction volume surpasses one trillion tokens, signaling a resurgence in network activity.
Market Status of SHIB
On June 30, Shiba Inu achieved a total transaction volume exceeding one trillion tokens, allowing it to return to the Trillionaire Club. This figure indicates a revival of network activity, which may foreshadow significant market changes in the coming days.
Price Movement Analysis
Since June, SHIB has managed to recover over 72% of its value, rising from $0.00001015 to $0.00001744 in early July. This marks the first breach of the 26-day exponential moving average (EMA) since May, coinciding with a breakout from an ascending trendline formed from late June's lows.
Future Growth Prospects
If transaction volumes remain high, it will be a key factor for further growth. However, a high price without corresponding volume may not sustain the current rally. Important resistance levels are at the 50-day EMA and 100-day EMA, approximately $0.00001905 and $0.00001948, respectively.
Shiba Inu has again shown market activity, supported by retail traders. The future of SHIB will depend on its ability to maintain high transaction volumes and overcome key resistance levels.
