News, Price Analysis

Top 3 Reasons Why Shiba Inu (SHIB) Price Is Up Today

Shiba Inu (SHIB) has been on a tear lately, skyrocketing in price and leaving investors howling with excitement (pun intended!) Could Shiba Inu finally be ready to take a bite out of the crypto big leagues?

This significant uptrend has analysts scratching their heads and scrambling to understand what drives this unexpected frenzy. Dive in as we explore the key factors behind SHIB’s surge.

Key Factors Behind SHIB’s Surge

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

The Shiba Inu burn rate skyrocketed over 6000%, igniting hopes for a future SHIB rally. Data from Shibburn revealed over 10 million SHIB were burnt in the past day, with a whopping 8.56 million SHIB burnt by a single address via a couple of transactions. 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.

Strong Investor Confidence

The market is also rooting for new developments. The Shiba Inu team announced a Web3 version of Shiba Eternity with the Shibarium layer-2 solution for Q3 2024. Lead creator Shytoshi Kusama mentioned that game money would improve SHIB and LEASH token burning. These announcements have boosted 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.

Market Analysis and Predictions

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%. 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.

Read Also: Top Whale from dogwifhat (WIF) on the Hunt! Can the Bulls Regain Control?

SHIB army, are you ready? This wild ride might just be getting started.

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