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An impressive volume of Shiba Inu tokens (SHIB) was recorded on the largest cryptocurrency exchange, Binance, in the last 24 hours. This development occurred just as the price of the second largest coin on the market recorded an uptick.
Increase in business activity sparks optimism
A total of 379,270,000,000 SHIB has flowed via Binance as part of increased trading between investors in the ecosystem. The trading frenzy on Binance could have been triggered by the over 5% rise in SHIB’s price performance.
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At the time of writing, SHIB is trading at $0.0000244, an increase of 5.13% in the last 24 hours. Cumulative trading volume soared 58.06% to $761.8 million. Overall, SHIB price maintained a range between a low of $0.00002319 and a high of $0.00002486.
Although it is still below its previous price levels of $0.00003215 from about a month ago, analysts see it as an impressive rebound. The SHIB has significantly defied its death cross model and seems ready to consolidate the continued rise in prices.
As SHIB approaches the $0.000025 mark, which is a key resistance level, experts believe that if the coin itself crosses it, it could achieve more bullish momentum. They believe increased trading activity, like that seen on the Binance exchange, could fuel SHIB’s sustainable rebound.
Key SHIB Price Levels and Market Outlook
Interestingly, some analysts consider the $0.00002 price as a psychological price for SHIB.
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Some think it could become the new floor price for SHIB in 2025 if it manages to maintain its growth. SHIB’s ability to stay above this price would give those who bet long on the asset more confidence to hold.
Investors should also hope that the daily burn the mechanism remains active and the rate is significant to keep the price stable. Additionally, the anticipation created by Shytoshi Kusama, head of Shiba Inu, could contribute to a positive outlook for the ecosystem and support prices.