Shiba Inu (SHIB) Back in ‘Trillionaire Club,’ Volume Skyrockets

On June 30, Shiba Inu’s total on-chain transaction volume surpassed one trillion tokens, propelling it back into the so-called Trillionaire Club. In addition to signaling renewed network activity, this sharp increase paves the way for what may turn out to be a significant market move in the coming days. 

From its June low of $0.00001015 to a high on July 3 near $0.00001744 SHIB has quietly recovered over the past week, a remarkable 72% recovery in less than 10 days. The price moved above the 26-day EMA (approximately $0.00001721) for the first time since May following the breakout from the ascending trendline, which was derived from the lows of late June. 

After weeks of treading water below moving averages, today’s advance indicates that buyers are willing to reengage at higher levels, even though the 50-day EMA and 100-day EMA are still overhead. On-chain metrics from IntoTheBlock show that on June 30, SHIB’s total transaction volume increased to about 1.2 trillion tokens, one of the network’s highest ever values.

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This milestone, which has been dubbed the Trillionaire Club, indicates that retail traders are recycling significant amounts of tokens, which is frequently a sign of renewed volatility, and it reflects renewed wallet-to-wallet activity. A 24-hour increase of more than 40% in spot trading volume on centralized exchanges suggests that some of these tokens are entering or leaving order books. 

Consistently high exchange and transaction volumes will be essential. If on-chain volume declines, while the price stays high, the rally might not last. Important obstacles are the 50-day EMA close to $0.00001905 and the 100-day EMA at $0.00001948. Around $0.00002130, a close above these could open the way to the next supply zone. SHIB’s comeback has mirrored the strength of other altcoins. Rolling capital flows into smaller-cap tokens should be advantageous for SHIB if Bitcoin and Ethereum continue their upward trends.