Shiba Inu (SHIB) has staged a dramatic comeback. The meme token surged 19% in 24 hours. Its price hit $0.00001337. This follows a broader crypto market recovery of 6%.
The bounce comes after a brutal week. SHIB is still down 20% over seven days. Yesterday was one of the worst days for crypto in years. The token has lost 18% in a month.
But it's not all doom and gloom. SHIB boasts a 39% gain year-on-year. The recent dip triggered a frenzy of whale activity. Big players seem to be gobbling up discounted tokens.
The numbers are eye-popping. Whale activity shot up 588%. A whopping 9 trillion SHIB changed hands. These are transactions worth $100,000 or more.
Technical indicators suggest SHIB is finding its footing. The RSI bounced from 20 to over 50. It's losing steam but still looks promising. The 30-day moving average is creeping up towards the 200-day line.
Some traders couldn't resist the fire sale. Large transaction volume skyrocketed from 1.53 trillion SHIB to 9 trillion. Not all of this is buying, but it's a massive uptick.
This whale action could fuel SHIB's recovery. But don't get too excited. We need the broader economy to play ball for sustained growth.
Right now, the US job market is giving everyone the jitters. But here's the twist: bad news might be good news. It could push the Fed to cut rates sooner.
SHIB isn't just another meme coin. It's got an ecosystem. There's ShibaSwap, its own DEX. It's got a layer-two network. And let's not forget Shiba Eternity, the addictive P2E card game.
Looking ahead, SHIB could hit $0.00002 by Q4. By year-end, $0.00004 isn't out of the question. But in crypto, nothing's certain. Buckle up, it's gonna be a wild ride.