TL;DR
- Shiba Inu has left BTC, ETH, DOGE, and other cryptos in the dust with its daily gains. 🚀
- Let’s dive into the chaos and see what’s fueling this madness. 🤔
The meme coin, Shiba Inu, has staged a dramatic comeback in the last 24 hours, surging by a staggering 16%. As of now, it’s trading at around $0.00001545 (according to CoinGecko), marking its highest point in over a month. SHIB’s market cap has soared past $9 billion, securing its spot as the 16th-largest cryptocurrency. Not bad for a dog-themed coin, huh? 🐕
Interestingly, this rally comes hot on the heels of Shiba Inu’s team teasing the launch of its DeFi platform, Shib Finance. Because, of course, the world needs another DeFi platform. 🙄
“In the future, Shib Finance will take the Shib ecosystem to a whole new level – moving beyond swapping tokens to offering full financial services like lending, borrowing, saving, and more,” the announcement reads. Because who doesn’t want to trust their finances to a meme coin? 🤷♂️
The platform will supposedly use tools like the Karma Engine, Shib Attestation, and a Privacy-Powered Identity Layer to let users “build trust through their activity and reputation in the ecosystem.” Because nothing says “trust” like a dog-themed cryptocurrency. 🐶
Another factor that might be contributing to SHIB’s resurgence is the dwindling amount of Shiba Inu stored on exchanges. According to CryptoQuant, this figure has hit a four-year low, suggesting a shift toward self-custody methods. This, in turn, reduces the immediate selling pressure. Or maybe people just don’t trust exchanges anymore. Who knows? 🤷♀️
The broader market revival could also be playing a role in SHIB’s price pump. Bitcoin has reclaimed $88,000, while Dogecoin, Cardano, Chainlink, Sui, and others have also seen significant gains. The entire crypto market cap is now at the psychological level of $3 trillion. Because, sure, why not? 💸
But Wait, There’s a Catch…
Despite all the bullish factors, SHIB’s Relative Strength Index (RSI) is signaling that a potential correction might be on the horizon. The RSI, which measures the speed and change of price movements, has spiked to almost 90. Typically, readings above 70 indicate that an asset is overbought and might be due for a pullback. On the flip side, anything below 30 is considered a buying opportunity. So, buckle up, folks. This ride might get bumpy. 🎢
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2025-03-26 14:02