FXEmpire.com –
Insightful Observations on SHIB’s Phenomenal Performance
- Shiba Inu’s (SHIB) opening price for Saturday, Feb 17 skyrocketed to $0.00001, marking a significant 14% surge within the 7-day period.
- Over the last 10 trading days, SHIB’s growth has outstripped that of Dogecoin (DOGE).
- Bullish speculative trading activity has driven increased leveraged bets on SHIB in the derivatives market over the past week.
Shiba Inu (SHIB) hit a milestone on Feb 17 by breaching the $0.00001 mark for the first time in over a month. This upward momentum reflects a notable positive shift in speculative trading activity, propelling SHIB’s price performance past Dogecoin (DOGE).
Can the bullish Shiba Inu whales sustain the buying pressure and drive another surge towards $0.00002, a level not seen in two years?
Shiba Inu Triumphs over Dogecoin in Recent Price Performance
At the onset of February 2024, Shiba Inu faced tough competition as BONK and PEPE dominated the spotlight. However, in the past week, SHIB has made remarkable progress in catching up with the pack.
SHIB’s price surged by 15.2% in the week from Feb 10 to Feb 17, surpassing Dogecoin’s 11.9% increase during the same period, as illustrated in the comparison chart below.
The recent robust growth of Shiba Inu’s price has significantly outpaced that of Dogecoin.
Analysis of the market trends indicates that the disproportionate bullish wagers by derivative traders on SHIB have been a key factor driving Shiba Inu’s price ahead of Dogecoin.
SHIB Funding Rates Soar by 240% as Traders Embrace Bullish Sentiment
Despite a $400 million increase in SHIB’s market cap, Shiba Inu has experienced substantial capital inflows in the spot markets. However, insights derived from SHIB traders’ activity in the derivatives market offer a deeper understanding of the potential future trajectory.
Santiment’s funding rate metric monitors fees paid by futures traders to maintain their positions.
Notably, the chart below shows a meteoric rise in SHIB’s funding rate, surging from 0.009% on Feb. 10 to 0.033% as of Feb 17.
Rising SHIB funding rates indicate a predominantly bullish stance among speculative traders in the recent trading week.
Shiba Inu Price Forecast: Stability of $0.000009 Support
Following the reclaiming of the $0.00001 territory, SHIB’s price faced a substantial sell-wall. Nevertheless, after recording 15% gains in the previous week, a majority of new entrants with significant profits may be hesitant to sell in the short term.
As indicated by the Bollinger band technical indicator, the bulls are likely to regroup at the $0.000092 20-day SMA price support level.
If this support level holds, it could act as a launching pad for the bulls to drive SHIB’s price towards $0.00002 in the coming weeks.
Conversely, a sustained bearish downturn may be imminent if SHIB loses the $0.000009 support. However, with funding rates at significantly high levels, it is evident that the majority of SHIB traders currently prefer to pay more to cover their positions rather than sell.
This article was originally posted on FX Empire.
More From FXEMPIRE:
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
