$SHIB

SHIB prices soared by 23%, FOMO sentiment is high, can Shiba Inu repeat its glory in 2021?

Shiba Inu (SHIB), as the second-largest meme coin in the world, has recently become the focus of attention again in the cryptocurrency market. In the past 24 hours, the price of SHIB has achieved a significant increase of 23%, approaching a new high of $0.0000191, while the transaction volume has also achieved a staggering 240% surge, totaling over $1.36 billion. This series of eye-catching data can’t help but remind people of the magnificent bull market in 2021.

SHIB's market performance is closely linked to the FOMO (Fear of Missing Out) sentiment pervading the current market. According to data analysis by Santiment, SHIB has achieved a 43% increase in the past 9 days against the backdrop of increasingly frequent on-chain activities. Behind this round of gains is the significant increase in trading volume, the strong performance of SHIB circulation, and the whale trading frequency reaching a 10-week high. In addition, SHIB’s social activity continues to rise, reflecting the strong FOMO sentiment among investors who are worried about missing out on money-making opportunities. This sentiment could push prices even higher in the short term, but it could also be a sign that the market is about to hit a short-term top.

Currently, the price of Shiba Inu is stable at around US$0.00001901, and its total market value has exceeded the US$11.3 billion mark, ranking 13th in the cryptocurrency market value rankings. However, for SHIB bulls, continued strong volume support will be needed to break through the key resistance at $0.000020 and return to the February high of $0.000043.

In the derivatives market, SHIB also showed strong momentum. The number of open interest rose by 65%, crossing the $60 million milestone. According to Coinglass data, in the past 24 hours, Shiba Inu’s liquidation amount reached US$2.23 million, of which short liquidation accounted for a significant proportion of US$1.29 million. In addition, the significant increase in financing rates has further highlighted futures traders' strong bullish expectations for SHIB.