Shiba Inu (SHIB), the world’s second-largest meme cryptocurrency, has demonstrated remarkable strength since Monday, surging and swiftly shedding a zero to surpass the $0.00001 mark for the first time since last month.
Notably, the cryptocurrency has long exhibited a sideways trading pattern similar to its main competitor, Dogecoin, despite other major cryptocurrencies like Bitcoin and Ethereum displaying substantial growth.
The weakness in SHIB’s price can be traced back to the market crash in May 2022, instigated by the Terra Luna crash, resulting in a prolonged period of sideways movement. And despite various community initiatives such as the release of Shibarium, the network’s layer 2 scaling protocol, multiple partnerships, and efforts to reduce the circulating supply of SHIB, the price has remained relatively stagnant.
Nevertheless, buoyed by the overall strength of the market, particularly led by Bitcoin, SHIB managed to break out from its previous trading range, surging as high as $0.000011 earlier on Wednesday.
This surge in price comes amidst reports of substantial accumulation of SHIB by whales. Data from the whale tracking platform Scopescan revealed significant activity, with a notable address withdrawing 110 billion SHIB worth around $1.1 million from Binance over the past three days. According to data from Etherscan, the mysterious whale has now accumulated a total of 330 billion SHIB worth $3.4 million.
This comes even as another unidentified whale entered the Shiba Inu token market within the last day. Etherscan data indicated that the entirely new entity received a staggering influx of 293 billion SHIB tokens, valued at an impressive $2.84 million from another address.
Meanwhile, SHIB is poised to continue its ascent to the coveted $0.001 price point, with optimism surrounding the potential launch of a spot SHIB ETF gaining momentum. Notably, on Sunday, the SHIB ARMY launched a campaign urging Grayscale to launch the product.
“We request Grayscale Investments, LLC to assess the viability, market demand, and potential impact of introducing a Shiba Inu ETF. We are convinced that such an offering would meet investor demand and play a crucial role in the wider acceptance and integration of cryptocurrencies into traditional investment portfolios,” the petitioners wrote.
At press time, the campaign had gathered 2,566 signatures out of the next goal of 2,500 on change.org.
At the time of reporting, SHIB was trading at $0.00001142, reflecting a 12% increase in value over the past 24 hours. Its trading volume also shot up by 252.96% to $1.2 billion in the same duration. Currently, the price faces formidable resistance between $0.000011 and $0.000012. A break and close above range could help catapult the price to $0.000018.
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