Shiba Inu Breaks Out On A 73% Weekly Rampage, Eyes Over 300% Target

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Shiba Inu Breaks Out On A 73% Weekly Rampage, Eyes Over 300% Target - NewsBTC

Quick Summary:

Related Reading: Shiba Inu Strategic US Hub Plan Sends SHIB Price On A 23% Moonshot SHIB & The Trump Effect Analysts however contend that the rise in SHIB can be ascribed to the rampant zeal witnessed in the cryptocurrency space fueled by some recent events in the US, including Donald Trump’s election victory, which has invigorated market sentiment – and his endorsement of Elon Musk for a proposed crypto department once he starts work as president.

Whale Activity Indicates Interest Apart from market mood, on-chain data shows an increase in activity by important SHIB holders, known as “whales.” Data by IntoTheBlock shows that early November saw a notable rise in the volume of these high-value transactions—6.47 trillion SHIB overall.

Market experts believe that the victory of Trump has created a market euphoria that complements the rally of Bitcoin and the rest of the digital assets and helps in the upward trajectory of SHIB.