The Shiba Inu community is witnessing a resurgence of bullish sentiment, coupled with rising trading activity. This could indicate the beginning of a price rally.
Increase in SHIB Trading Volume
According to CoinGlass, the trading volume of the Shiba Inu meme coin has surged by 21.21% over the last 24 hours, reaching $206.48 million. This spike in activity is sparking discussions about a potential price rally.
Factors Driving SHIB Interest
Over the past 30 days, SHIB's price has seen a 39.29% increase. Interest in the coin is growing despite the broader market's sluggish momentum, indicating a renewed wave of attention for Shiba Inu.
Bitcoin's Role in Market Sentiment
The rise in SHIB trading activity coincides with an overall bullish trend in the crypto market. Bitcoin's recent surge to $67,000 has injected optimism, benefitting altcoins like Shiba Inu.
The increased trading activity of Shiba Inu suggests a growing market interest, which might lead to a price rally. Bitcoin’s influence contributes to the rising demand for alternative cryptocurrencies like SHIB.