- Shiba Inu price rallied nearly 55% on a weekly timeframe as the meme coin hit its year-to-date high of $0.00004567.
- SHIB price sustained above support despite holders realizing $372.93 million in profits on March 5.
- SHIB price gains are likely catalyzed by lead Shytoshi Kusama’s push to get ecosystem token BONE listed on Binance.
Bitcoin and Ethereum’s price rally in 2024 was followed by a surge in meme coins and AI/ metaverse tokens. Shiba Inu’s rally to 2024 high of $0.00004567 on March 5, followed Bitcoin’s gains and is likely catalyzed by capital rotation from the largest asset by market capitalization.
SHIB price sustained above the psychologically important support level of $0.000030 despite mass profit-taking by holders.
Also read: Shiba Inu Price Outlook: $0.00004 in sight as SHIB joins Dogecoin in the crypto top ten
Shiba Inu price could sustain recent gains with these catalysts
Meme coins have typically observed a rally in their price following a surge in Bitcoin’s dominance and a rally in the asset. BTC profits are likely rotated in other sectors such as meme coins, AI, metaverse and gaming tokens.
SHIB price rallied to its year to date peak of $0.00004567, and the meme coin has sustained above a psychologically important price level, despite the recent profit-taking activities of holders. SHIB holders realized $372.93 million in gains when SHIB hit its 2024 peak, according to Santiment data.
 [14.55.40, 10 Mar, 2024]-638456599267209101.png)
Shiba Inu Network Realized Profit/Loss. Source: Santiment
The meme coin had offered a “buy the dip” opportunity to traders when SHIB holders realized $882.83 million in losses on March 3. Shiba Inu price rallied to its 2024 high shortly after.
Shiba Inu’s project leader Shytoshi Kusama is pursuing ecosystem token BONE’s listing on Binance. Further, 13 billion SHIB tokens worth $463,000 were burnt on March 9, according to Shibburn data. These catalysts have likely pushed SHIB price higher in the past week.
SHIB yielded 55% weekly gains to holders and the meme coin is likely to resume its climb towards its year to date high, if buying pressure is sustained. SHIB’s supply on exchanges is down to 76.9 trillion, nearly 1% decline since the beginning of March. This contributes to reduction in selling pressure on the meme coin and there is likely room for SHIB price to gain lost ground in the coming weeks.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.