Top Reasons Why Shiba Inu Coin Price Is Rising, Check Target Price When Buying Whales
shiba inu Coin price is up nearly 3% today amid a recovery in the broader crypto market. Additionally, the meme coin sector also performed strongly today, indicating that investors are once again shifting their focus to this segment.
However, despite the recent rise, the ongoing unstable scenario seems to have suppressed investors’ sentiments. However, investors are looking for potential reasons behind today’s rise in Shiba Inu Coin price and whether it can maintain this momentum.
Why Is Shiba Inu Coin Price Rising?
A number of factors may have helped the Shiba Inu Coin price rise today. Here we examine some of the most important reasons that may have fueled recent market sentiment.
Meme Coin Craze
SHIB price may have surged today amid a strong performance seen in the broader meme coin sector. The total market cap of the meme coin sector increased by 4.15% today, reaching $49.25 billion. Shiba Inu rose by around 3%, while other major players in the segment such as dogecoin, pepe Coin, WIF, and others also saw gains.
Market participants appear to still be focused on the sector given its growth potential. In addition, the low prices of meme coins also seem to have attracted the attention of investors, especially amid the unstable scenario of the overall market.
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Recent Burning Activity of Shiba Inu Coin
Shiba Inu Coin has also received a lot of attention recently due to its significant burning activity. Recently the Shiba Inu burn rate has increased by more than 6,000%, indicating that the Shiba Inu community is focusing on the burn mechanism.
Meanwhile, the burn mechanism could help reduce the overall supply in the market, causing prices to rise even further. Considering this, the recent burn activity could have helped boost market sentiment, signaling a potential rally in the coming days.
However, as of this writing, the SHIB burn rate has only recorded a 12% increase in the last 24 hours, with 11.07 million tokens burned. At the time of writing, a total of 410.72 trillion SHIB tokens have been burned from the initial offering, leaving the current circulating supply at 583.31 trillion.
Latest Developments and Comments from the SHIB Community
Shiba Inu Coin also attracted the attention of investors with important announcements. For context, in a recent development, the Shiba Inu team announced the release of the Web3 version of the popular game Shiba Eternity. This move, which will integrate the game with the Shibarium layer-2 solution, is expected to start in the 3rd quarter of 2024.
Meanwhile, Shytoshi Kusama, lead developer of Shiba Inu, also praised the development. He also said that the revenue generated from the game will be used to develop the burning mechanism of SHIB and LEASH tokens.
Will the Rally Continue?
The market is currently going through a turbulent trading scenario. Recent market trends and macroeconomic factors seem to have dampened investors’ risk-taking appetite. However, on-chain data and experts still suggest a potential rally in SHIB price in the coming days.
For context, the Shiba Inu Relative Strength Index (RSI) is currently at 31, indicating an oversold condition. However, market watchers are predicting a potential rally in the coming days as whales may take advantage of the opportunity to “buy the dip” to increase their holdings. Additionally, the price has dropped significantly since March, giving whales a buying opportunity.
Shiba Inu Price Chart
On the other hand, according to CoinGlass data, Shiba Inu Open Interest increased by 1.32% to $ 35.66 million, which shows that investors’ interest in crypto has increased. As of the time of writing, the Shiba Inu price increased by 2.87% and changed hands for $ 0.00001769.
Considering the recent price increase, market participants expect the meme coin to reach $0.00002 soon. Meanwhile, a recent analysis from parofix shows that Shiba Inu Coin is advancing at critical resistances at $0.00001968 and $0.00002512, which are crucial for its upward trajectory.
A breakthrough at these resistance points could yield significant profits. Conversely, the $0.00002083 and $0.00001627 supports play a crucial role in maintaining SHIB’s stability amidst market fluctuations. Successfully holding these support levels can provide stability in a turbulent market environment by creating a buffer against volatility.
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A seasoned professional with 3 years of experience in the financial market, Rupam has honed his skills as a meticulous research analyst and insightful journalist. She enjoys exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond traditional boundaries. His contributions include breaking news, examining AI-related developments, providing real-time crypto market updates, and providing insightful economic news. Rupam’s journey is marked by his passion to demystify the intricacies of finance and deliver impactful stories that will resonate with diverse audiences.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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