As an experienced analyst, I’ve seen my fair share of market trends and price fluctuations in the crypto world. And today, I’m thrilled to witness Shiba Inu’s impressive surge, which has propelled it into the top 10 cryptocurrencies by market cap.
After the recent surge of Pepe Coin and other meme tokens, Shiba Inu has joined the profit bandwagon. The price of Shiba Inu spiked by 18% today, reaching a monthly peak of $0.00002931. Furthermore, the market capitalization of SHIB has grown significantly to reach $17.27 Billion, positioning it as the 10th largest cryptocurrency in the market, overtaking Cardano from the list.
While the price of Cardano is making progress and may eventually surpass it, this meme coin currently serves as a significant benchmark.
Why Shiba Inu Price Is Surging Today?
As a researcher studying the cryptocurrency market, I’ve noticed an intriguing development: the recent SEC approval of an Ethereum Exchange-Traded Fund (ETF) has sparked renewed interest and optimism within the crypto community. This approval has created a favorable environment for price growth not only for Ethereum itself but also for Ethereum-based coins like Shiba Inu (SHIB). Therefore, it’s plausible to expect an increase in demand and subsequent price surge for SHIB as investors seek opportunities in the Ethereum ecosystem.
PEPE, FLOKI, NOT, and others experienced significant price increases in this market surge, and now Shiba Inu is following suit. Until recently, SHIB‘s value had been advancing at a slower pace compared to other meme coins.
Additionally, Dogecoin‘s surge is fueling excitement among investors for meme coins, leading to a significant 18% price increase for Shiba Inu.
Will The Surge Sustain or The SHIB’s Price Will Drop?
The Shiba Inu token’s price has now surpassed its 50-day moving average, signaling a potential path to greater profits. Given the anticipation among analysts for an altcoin surge in June and considering the current favorable market conditions, Shiba Inu is projected to reach a target price of $0.00003.
Based on current market data, the technical indicators are pointing towards a bullish outlook for Shiba Inu. Specifically, there has been a notable uptick of 35% in open interest and a significant surge of 169% in trading volume. This trend could potentially lead to a 50% price increase if the coin’s daily closing price exceeds $0.000029. Subsequently, Shiba Inu may reach a new height at $0.000045.
The RSI for the meme coin is approaching the overbought territory, implying that it may be due for a potential correction. Once it enters this zone, selling pressure could outweigh demand, potentially resulting in brief price declines.
Final Thought
As a crypto investor, I’m excited about the current price surge of Shiba Inu and believe it could reach heights similar to its peak in March 2024, which was $0.000035892. Based on the present market conditions, there’s a strong possibility that this meme coin may even surpass that target.
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2024-05-29 15:14