TL;DR

• Shiba Inu showed strong performance in line with the crypto market’s bullish trend.
• Increased SHIB burns and Shibarium transactions signal ecosystem growth, though RSI above 70 suggests a possible short-term pullback.

SHIB Heads North

The second-largest meme coin in terms of market cap experienced a substantial resurgence in the past 24 hours, with its price tapping a one-month high of $0.00001957. In the following hours, it erased some of the gains, dropping to the current $0.0000189 (per CoinGecko’s data). However, it remains well in the green on a daily and weekly scale. 

Its impressive performance coincides with the reigning bullish environment in the cryptocurrency sector. Several hours ago, bitcoin’s (BTC) price exploded to $73,600 (just $150 away from hitting a new all-time high). As of the moment, it trades at around $72,400, representing an 8% weekly increase.

Shiba Inu’s burning mechanism is worth mentioning, too. Over the past 24 hours, the burn rate skyrocketed by 450%, resulting in approximately 52 million tokens sent to a null address. The program’s ultimate goal is to decrease the circulating supply of SHIB, potentially driving its valuation up (assuming demand stays the same or rises). 

Last but not least, we will touch upon Shiba Inu’s layer-2 scaling solution – Shibarium. Daily transactions on the network have soared by 13,500% in the span of 24 hours, suggesting increased user engagement. 

Shibarium officially saw the light of day last August, aimed at fostering the development of the meme coin’s ecosystem. Those willing to check some of the latest upgrades involving the protocol can read our article here. For more updates on the ecosystem, check out our Shibarium news page.

Something for the Bears

Despite the overall bullish conditions mentioned above, one metric indicates a potential retreat for SHIB’s value in the short run.

This is the Relative Strength Index (RSI), which measures the speed and change of price movements. The momentum oscillator varies from 0 to 100 as a ratio above 70 signals the asset could be overbought and poised for a correction. On the other hand, readings below 30 might be interpreted as a buying opportunity.

Currently, the index is hovering at the bearish level of 70.

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The popular meme coin – Shiba Inu (SHIB) – has been one of the best-performing top 20 cryptocurrencies in the past seven days, with its price jumping by over 17% (per CoinGecko’s data). 

It witnessed a 7% increase in 24 hours, and in the following lines, we will outline the possible reasons behind the impressive rally.

Shibarium’s Progress

The further advancement of the layer-2 blockchain solution – Shibarium – could be one of the catalysts. Active accounts on the network have spiked by approximately 25% in the span of 24 hours, whereas daily transactions have risen by 35% to over 4,300.

Shibarium officially saw the light of day last August. It is designed to foster the development of the Shiba Inu ecosystem by improving speed, lowering transaction costs, and enhancing scalability.

In the past several months, it has achieved numerous major milestones. For instance, the total number of blocks processed on the protocol has surpassed 5.5 million, while the total number of transactions is inching toward 420 million. 

It also underwent two important upgrades. In mid-April, the team introduced a new user interface (UI) update, describing it as “faster, smoother, and more accessible than ever.” Its goal is to enhance compatibility with popular self-custody wallets, including Coinbase Wallet, MetaMask, and Trust Wallet. 

Shortly after, the developers launched another upgrade to empower the community of innovators, improve user experience, and implement quicker block processing times.

For more updates on the ecosystem, make sure to check out our Shibarium news section.

Whales on the Move

Another essential Shiba Inu-related metric that has soared in the past 24 hours is aggregated daily volume, where each transaction exceeds $100,000. According to IntoTheBlock, the figure has exceeded $35 million, representing a 95% increase compared to the one observed the day before. 

An uptick in whale activity can significantly affect the SHIB price. When such large investors accumulate a substantial amount of holdings, it might lead to increased confidence among other industry participants and positive market sentiment. This could attract an additional number of investors, while the potential flow of fresh capital might trigger a further rally.

The Green Crypto Market

SHIB’s latest price resurgence coincides with an uptick in the broader cryptocurrency sector. The global crypto market capitalization is up nearly 3% for the day, currently standing at over $2.47 trillion.

Bitcoin (BTC) briefly pumped above $65,000 for the first time in almost a month, currently trading at around $64,000. 

Ethereum (ETH) reclaimed the $3,400 mark, while other leading altcoins, such as Solana (SOL), Ripple (XRP), Binance Coin (BNB), and many more, are also well in the green.

Some attribute the market’s revival to the assassination attempt on Donald Trump. The presidential candidate was shot at during a public speech in Pennsylvania on July 13, but fortunately, the bullet scraped his ear, and his life is out of danger.

He recently made a U-turn, described himself as the right choice for pro-crypto voters, promising to let the industry thrive and increase America’s BTC mining efforts. 

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After a long correction, SHIB is giving clear signs it wants to go higher.

Key Support levels: $0.000025 

Key Resistance levels: $0.000030

1. SHIB Making Higher Highs

In late May, SHIB made a higher high and a lower high in early June. This signals that an uptrend might be about to start. This would not be surprising, considering other meme coins like PEPE have been breaking new records. If buyers keep this momentum, the resistance at $0.000030 is the current target.

2. Buyers Hold Strong

The price found good support at $0.000025 even when the sellers tried to break below it. As long as this key level holds, buyers have the upper hand. The momentum is also turning bullish, which puts sellers on the defensive.

3. Bullish Momentum Picking Up

June could be the month when SHIB finally returns to the spotlight. After a long consolidation in April and May, the momentum indicators show that buyers are back. For example, the MACD histogram on the 3-day timeframe shows clear higher lows. A bullish cross appears close and would confirm this bias.

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SHIB is giving hints it wants to go higher, so let’s have a quick look at a few reasons why and what may rest ahead.

Key Support levels: $0.000022

Key Resistance levels: $0.000025

1. SHIB Eyeing the Key Resistance

With the price holding well above the support at $0.000022, buyers appear keen to test the key resistance at $0.000025. The previous attempt in early May was rejected, but a second one could be successful, considering that momentum may be shifting bullish.

2. Buyers are Returning

SHIB’s price increased by over 5% today on good buy volume. The last time this happened was when this meme coin tried to break the key resistance in early May. This is a promising sign and could lead to a breakout.

3. MACD is Curving Up

The 2-day MACD histogram is making higher lows, and the moving averages could soon curve up toward a bullish cross. In lower timeframes, this has already happened after this latest push from buyers. If this trend continues, then SHIB could break above $0.000025.

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TL;DR

• Shiba Inu (SHIB) experienced a 6% price increase today, making it the best performer among the top 20 cryptocurrencies.
• Its rally occurs amidst a broader positive trend in the meme coin market, where other assets like DOGE and MEW also recorded gains.

The Possible Reasons

The second-largest meme coin – Shiba Inu (SHIB) – is among the best-performing cryptocurrencies (at least from the top 20 list) today (April 17), with its price spiking by 6% on a daily scale.

Its rally could be attributed to numerous important factors, such as the massive burn rate increase. As CryptoPotato reported, the team behind Shiba Inu burned almost 800 million tokens in the past week, while the destroyed assets throughout March surpassed the 15.5 billion mark. The program’s ultimate goal is to reduce SHIB’s tremendous supply, making it scarcer and potentially more valuable in time.

Another element that might have played a role is the resurgence of the layer-2 scaling solution – Shibarium. Daily transactions on the network have headed north lately, while the total number of transactions has surpassed the 400 million level.

Shibarium was introduced last summer and aims to elevate Shiba Inu above its rivals in the meme coin niche by improving speed, lowering transaction fees, and enhancing scalability. If you are curious to learn more about the feature, take a look at our dedicated video below:

Overall Meme Coin Revival

SHIB’s latest price rally coincides with a green wave that reigns across the meme coin cohort. Leading assets of that type, such as Dogecoin (DOGE), dogwifhat (WIF), Floki Inu (FLOKI), and Bonk Inu (BONK) have charted some gains in the past 24 hours, albeit not as substantial as Shiba Inu’s.

The best performer in the realm is once again the Solana-based meme coin Cat in a Dogs World (MEW), whose valuation jumped by 40%. Other notable gainers include PEPE (8%), PUPS (19%), and SLERF (13%).

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Shiba Inu’s correction has ended, and buyers are aiming for new highs again. In the following, we take a look at a few technical indicators that might provide some insights into why SHIB’s price is up today.

Key Support levels: $0.000025

Key Resistance levels: $0.000037

1. Buyers Return

The key support at $0.000025 held firm and did not allow SHIB’s price to fall lower. This has encouraged bulls to return. Since yesterday, buy volume has spiked which also propelled the price higher.

2. Breaking the Key Resistance Next?

If the current rally is sustained, then SHIB could test the key resistance at $0.000037 for a second time. Usually, in a bull market, a second attempt is successful. There is still some distance until that point, but this meme coin is known to move fast once buyers return.

3. MACD Confirms Bullish Bias

Similarly to ETH, Shiba Inu also made a bullish cross on the 12h MACD which confirms that buyers have the upper hand. This could soon see the price challenge the local resistance before new highs follow.

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TL;DR

• The cryptocurrency market is up, with Shiba Inu’s price increasing by 7% on a 24-hour scale.
• The rise could be attributed to the meme coin sector’s growth, among other reasons.

The cryptocurrency market has entered into green territory once again today (March 21), with Bitcoin (BTC) and numerous other digital assets charting substantial gains.

One popular token that has also headed north is the self-proclaimed Dogecoin-killer – Shiba Inu (SHIB). It is up 7% for the day, while its market capitalization surpassed $15 billion.

A factor that might have contributed to its price rally is the overall resurgence of the meme coin sector. The niche’s market cap has soared by 15% in the past 24 hours, reaching approximately $55 billion, while leading assets of that type, including Dogecoin (DOGE), Pepe Coin (PEPE), and Floki Inu (FLOKI), have jumped by double digits.

Shiba Inu might also have benefited from the revival of the layer-2 scaling solution Shibarium. Daily transactions on the network have reached over 83,000, an 800% increase from yesterday’s figure. 

Launched in August last year, Shibarium aims to foster the development of the Shiba Inu ecosystem by reducing transaction fees and improving speed. Those willing to learn more about the feature could take a look at our dedicated video below:

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Shiba Inu started a major rally last week and this week it seems keen to continue. In the following, we take a look at a few technical indicators that might provide some insights into why SHIB’s price is up today.

Key Support levels: $0.000025

Key Resistance levels: $0.000037

1. Major Rally in Progress

After more than a year of sideways price action, SHIB has finally returned to the spotlight with a massive rally that started at the end of February. Since then, the price tripled and appears determined to go higher as seen on the below chart.

2. Breakout at Key Resistance

The resistance at $0.000025 did not last and soon turned into a key support. This opens the way for SHIB to continue towards its current target at $0.000037. That’s “only” a 37% price increase from current levels.

3. RSI at Historic Levels

While the price action remains bullish, the weekly RSI is at a historic level. It hovers at over 87 points, higher than the all-time high from October 2021. We need to be patient and see if this is a top signal or only the beginning.

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TL;DR

• Shiba Inu’s price surged by almost 7% amid a broader market rally and optimism for a significant bull run ahead of the Bitcoin halving.
• The meme coin sector’s revival, including SHIB, is marked by substantial gains and an increase in investor profits (at least on paper).

Catching The Green Wave

The price of the popular meme coin – Shiba Inu (SHIB) – finally managed to escape the consolidation levels it has been hovering for the past several weeks. It soared by almost 7% in the last 24 hours, whereas its market capitalization surpassed the $6 billion mark for the first time since mid-January.

The token’s upswing coincides with an overall market resurgence, with Bitcoin (BTC) and Ethereum (ETH) tapping multi-year highs of approximately $56,700 and $3,200 (respectively). The global cryptocurrency market capitalization currently stands at more than $2.2 trillion, around $800 billion away from the ATH recorded in November 2021.

Numerous industry participants believe this might not be just a brief spike but the beginning of a massive bull run that could take BTC and other digital assets to unseen peaks. The upcoming halving (scheduled for April) supports that thesis. It reduces the rate at which new Bitcoins are produced, potentially making them more valuable if following the economic fundamentals of supply and demand (in theory).

Historically, the event has been followed by a BTC price rally that has positively impacted the altcoins, such as Shiba Inu.

Observing Additional Factors

Another element that might have fueled SHIB’s latest price increase is the revival of the meme coin sector. Pepe Coin (PEPE), dogwifhat (WIF), Bonk Inu (BONK), and many others have charted double-digit gains on a daily scale, while Dogecoin (DOGE) – the largest in the realm with a market cap of over $13 billion – is up around 7%.

Shiba Inu’s uptick coincides with an increased SHIB aggregated daily volume (where each transaction was greater than $100,000). According to IntoTheBlock, the figure currently stands at $31.6 million (a 164% growth compared to yesterday’s numbers).

As of the moment, nearly 39% of SHIB investors sit on unrealized profits. In comparison, almost 90% of holders were underwater in September last year.

As CryptoPotato reported recently, the daily active addresses of Shiba Inu are also on the rise, increasing by more than 15% yesterday.

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