Why Is the Shiba Inu Coin (Shib) Price up Today?
The post Why Is the Shiba Inu Coin (Shib) Price up Today? appeared first on Coinpedia Fintech News
Hold onto your dog leashes, Shiba Inu fans! The price of SHIB has been on a wild ride lately, skyrocketing over the past few days and leaving many investors wondering if it’s finally time for Shiba Inu to take a bite out of the crypto big leagues. This significant uptrend leaves analysts scratching their heads and scrambling to understand what drives this unexpected frenzy.
Dive in as we explore.
Key Factors Behind SHIB’s Surge
Today’s impressive 3% surge in SHIB’s price can be attributed to several factors:
Meme Coin Rally
Amid a broader rally in meme coins, Shiba Inu Coin jumped nearly 3%. The overall meme coin market cap rose 4.15% to $49.25 billion. Major players like Dogecoin, Pepe Coin, and WIF also saw significant gains, suggesting renewed investor interest in this sector. Despite market volatility, the lower prices of meme coins have attracted investors looking for growth opportunities.
Shiba Inu Burn Activity
Shiba Inu burn rate skyrockets over 6000% igniting hopes for a future SHIB rally as data from Shibburn revealed over 10 million SHIB were burnt the past day. A whopping 8.56 million SHIB was burnt alone by an address via a couple of transactions. Currently, the burn rate has increased by 12% in the last 24 hours, with 11.07 million tokens burnt. The total supply burnt stands at 410.72 trillion SHIB, with a circulating supply of 583.31 trillion.
Recent Developments in the SHIB Community
The market is also rooting for new development, the Shiba Inu team announced a Web3 version of Shiba Eternity with the Shibarium layer-2 solution for Q3 2024. Lead creator Shytoshi Kusama said game money would improve SHIB and LEASH token burning. These announcements boost investor confidence.
Good Time to Invest in SHIB?
While the crypto market is bearish, on-chain data and expert analyses suggest a potential rally for SHIB. The Shiba Inu RSI stands at 31, showcasing an oversold condition that could lead to a price rebound. Whales might see this as a “buy-the-dip” opportunity to increase their holdings.
Shiba Inu’s Open Interest has also risen 1.32% to $35.66 million, reflecting growing investor interest. Currently, SHIB is trading at $0.00001769, up 2.87%.
What’s Next for SHIB Price?
Market participants expect SHIB to reach $0.00002 soon. Analysis indicates critical resistance levels at $0.00001968 and $0.00002512, which are crucial for its upward trajectory. However, breaking through these levels could lead to substantial profits. Meanwhile, support at $0.00002083 and $0.00001627 is key for maintaining stability amid market fluctuations.
These significant SHIB developments together have fortified its massive uptrend over the week.
