• Shiba Inu (SHIB) has seen an 11% surge in price within the past week.
• Wall Street Memes (WSM) is currently in its presale and has raised over $8.7 million.
• SHIB’s recent bullish momentum could be sustained with the help of increasing retail investor holdings, positive market forces, and low sell pressure from whales.
Shiba Inu Prices Showing Bullish Momentum
Shiba Inu (SHIB) has experienced a strong 11% increase in value over the past week, with five days of consecutive bullish closes. This is the strongest performance that SHIB has shown since early March, leading many meme coin enthusiasts to debate what is causing this surge and whether it can be maintained.
Wall Street Memes Project Raising Funds Through Presale
The Wall Street Memes project (WSM) is also seeing success, having raised over $8.7 million during its presale so far. It appears that investors have responded positively to the project, as indicated by an increase in retail holdings of SHIB tokens, suggesting renewed interest from those who had been on the sidelines previously.
Market Forces Driving SHIB Surge
At present, SHIB tokens are trading at around $0.00000718 after experiencing a significant uptrend following a rejection from the major support zone of $0.0000060 – leading many investors to hope that this momentum can continue into the future. According to CoinMarketCap data, there was over $100 million worth of SHIB traded within 24 hours – making it one of the most active cryptocurrencies on the market currently.
Decreasing Sell Pressure From Whales
In addition to increased retail investor holdings and ongoing positive market forces driving up prices for SHIB tokens, there is also less sell pressure coming from whale investors compared to before which could help sustain current levels of growth for some time yet.