Shiba Inu’s price has just soared a whopping 30% today as the crypto recovery looks set to continue for SHIB.
Previously flipping Avalanche to become the 15th largest cryptocurrency, it is now the 13th largest cryptocurrency by market cap. SHIB has now overtaken the likes of TRON and Wrapped Bitcoin, sitting just two places behind Dogecoin. So, what happened?
Shiba Inu Price Recovers Almost 30%
As SHIB rises by 30%, holders are wondering what is causing this Shiba Inu price spike.
Well, there’s no particular SHIB-specific news behind this massive increase just yet. Previous spikes have come after the Robinhood listing or a Shiba Inu roadmap announcement, but this recovery is different.
Indeed, this could just be a natural recovery for SHIB alongside the more general cryptocurrency recovery. After its RSI level was oversold, perhaps holders followed Shytoshi Kusama's tweets. Shytoshi said the bear market is the best time to buy SHIB.
However, it does seem that whales are responsible for at least starting this SHIB recovery, buying SHIB at a lower price and pushing it up further.
What makes this spike even more significant is that it is a deviation from most other cryptocurrencies SHIB is now the fourth-largest gainer of the past 24 hours. It is behind only TitanSwap, Waves and Celsius Network - which is still enthralled in its withdrawal controversy. Bitcoin and Ethereum are only up 4% in the last 24 hours.
With a trading volume of $1 billion in the last 24 hours, SHIB has reached a market cap of $6.2 billion. It is currently trading at $0.0001052.
SHIB holders on Twitter, Discord, and Reddit are celebrating this massive rise, albeit with some confusion about why it happened.
The other tokens in the Shiba Inu ecosystem - BONE and LEASH - have also recorded large price gains. BONE is up 18% while LEASH has jumped 21% in the last 24 hours.
All eyes will be on what happens next for SHIB, and if it will continue to recover towards its previous highs, or flatten off and remain correlated to Bitcoin.