- Shiba Inu surges past Hedera with a 21% price increase and $609M trading volume.
- SHIB’s market cap reaches $9.42B, outperforming Hedera’s $8.89B in recent surge.
- Shiba Inu secures 15th place on CoinMarketCap as trading volume spikes by 81.69%.
The market has witnessed a notable move as Shiba Inu (SHIB) surged to the 15th position on CoinMarketCap, surpassing Hedera (HBAR).
The spike points to the increase of SHIB’s market capitalization to $9.42 billion, surpassing HBAR’s $8.89 billion, indicating increased interest and major trading activities in the SHIB ecosystem, attracting strong market performance and significant whale accumulation.
Shiba Inu’s Price Surge and Market Capitalization
The price appreciation of SHIB increased by 21.27% last week, while Hedera gained 15.19% over the same period. At press time, the SHIB price is trading at $0.00001598, an increase of 4.42% within the last 24 hours. The trading volume in this period increased to $609.81 million, highlighting SHIB’s growing market presence.
On the contrary, Hedera’s market cap sits at $8.89 billion, driven by a price of $0.2104 and a trading volume of $373.2 million in the past 24 hours. While Hedera has steadied, its lower trading volume and market cap have failed to keep pace with Shiba Inu’s recent surge.
The Surge in Whale Activity and SHIB’s Technical Outlook
An essential factor contributing to Shiba Inu’s surge is increased activity from large investors, or “whales.” On May 8, the number of SHIB tokens moved across the network hit a seven-day high of 6.71 trillion. This increase in transactions aligns with a sharp 81.69% growth in SHIB’s trading volume, reflecting high market interest. Moreover, large holders have been accumulating, with a whale wallet inflow of over 2,952% since May 7.
This increase in whale activity supports SHIB’s technical outlook. The token is now above the 50-day Exponential Moving Average (EMA) and is approaching the 200 EMA, a critical resistance level. A breakout above this level could confirm a substantive uptrend. With the pending bullish momentum and the growing number of market participants, it appears that SHIB is set to experience further bullish momentum.
Although Shiba Inu’s price and volume performance increased, its token burn activity has reduced. Over the past 24 hours, 8158 SHIB tokens were burned, a 97% decline from the previous levels. Notably, this decrease may affect SHIB’s long-term deflationary view, which depends on the scarcity of tokens to boost price appreciation. However, the market’s current sentiment is still favorable, as evidenced by SHIB’s high market cap and price increase.
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