SHIB Holders on Buying Spree With 230% Surge in 24H Trading Volume

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SHIB Holders on Buying Spree With 230% Surge in 24H Trading Volume
  • Shiba Inu pumps from $0.000012 to $0.000015 in just a couple of hours.
  • This translates to a 22% surge in the last 24 hours.
  • However, there is no major announcement that caused this price pump.

Shiba Inu (SHIB) has retaken its $9 billion market capitalization despite having a bearish outlook for the last couple of months. In fact, it is now gearing up for a climb back to $10 billion.

Source: TradingView
Source: TradingView

SHIB’s jaw-dropping surge happened in just a couple of hours. From less than $0.000013, SHIB is now changing hands at $0.00001552 at the time of writing. In fact, the SHIB pump reached up to almost $0.000016 before a slight retracement occurred. This pump translates to a jump of 22% in the last 24 hours.

There appears to be a SHIB buying spree, as the trading volume is already shooting up at nauseous heights. In fact, the Relative Strength Index (RSI) is at 90, an indicator that SHIB is already way too overbought. Plus, SHIB has a 24-hour trading volume of almost $1.4 billion, a whopping increase of 230%, as per CoinMarketCap.

Those who want to buy SHIB would be wise to wait for a retracement, as the sudden pump is not associated with any major announcement or milestone from the Shiba Inu community. Other than the fact that there is a continuous SHIB burning happening since a couple of months ago, there are not many fundamentals to suggest that this SHIB pump will be sustainable.

But for those who haven’t been paying close attention to Shiba Inu, Binance has recently included the token in the list of supported cryptocurrencies for its Binance debit card. However, this is only available for customers in Europe at the moment.

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