Shiba Inu sees double-digit weekly gains, SHIB holders realize nearly $373 million profits
- 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.
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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.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
