$170 Million Shiba Inu (SHIB) in 24 Hours - Here's What Happened

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Shiba Inu (SHIB), one of the most popular meme coins, has witnessed a slight rebound today. While there are no significant gains, this rebound may be the start of a broader trend reversal after weeks of market meltdown. The SHIB price, as per CMC, has surged 2.13% to trade around the $0.00001349 level. 

Simultaneously, SHIB saw a notable surge in one of the most crucial metrics. During the last 24 hours, the trading volume of the meme coin has jumped 43% to hit the $170 million mark. Along with it, the market cap has soared 2.15% to a whopping $7.95 billion. The rising trading volume shows that traders are returning to the market.

They are buying the dips and taking advantage of the lows, eyeing gains after a potential trend reversal. This increasing trading activity can be a bullish development for the SHIB price. It can further boost the price, which has already rebounded slightly. This support from traders can ease the path toward a more broader rebound.

Shiba Inu rebound scenario

The Shiba Inu price is still down 5.64% over the last 30 days. During this time, the meme coin hit a low of $0.00001244, as it appeared that the coin may add another zero to its price. However, the coin has rebounded from that level and successfully claimed support at the $0.00001340 price range.

This support zone can now push SHIB toward the next resistance level at $0.00001457 and potentially turn it into support. However, the main hurdle for Shiba Inu is the 0.00001629 level. It will be difficult to clear this level as fear and uncertainty are still looming over the market.

A broader sentiment shift is required for Shiba Inu to trigger this rally and reach the next highs. Seeing the rise in trading activity today, it appears that traders are giving their complete support to the coin. While the path forward is full of obstacles, it can still be cleared with a more sustained and healthy market performance.