• Tue. May 28th, 2024

SHIB Pumps Higher Following A Strong Bullish Rally, What’s Next For Second-Largest Meme Coin

Summer White

BySummer White

Mar 16, 2023

The trading price of the second-largest meme coin Shiba Inu (SHIB) has recorded a major push in the past 24-hours. According to the latest market data, the value of SHIB has surged by 4% in the mentioned period.

The entire Crypto Market is Recovering

The entire crypto market has recovered significantly in the past 24-hours and the situation is still going in favor of all major cryptocurrencies.

The entire crypto market had been experiencing a downtrend throughout the past week. The investors were worried about the future of the cryptocurrency industry.

With the Feds taking down the US banking firms, there was a lot of uncertainty about which banks would support the crypto firms.

However, the fear and uncertainty have worked in favor of the cryptocurrency industry. This is because the banking system has turned out to be weaker compared to the crypto industry.

The people who once despised cryptocurrencies are now looking at them from a different angle. They are entering the crypto industry which has helped push the adoption level of the particular sector.

The latest developments have helped the entire crypto industry to recover significantly. Things have been falling in line for the entire crypto market and Shiba Inu is among these strong cryptocurrencies.

Current Performance of SHIB

The data shows that the trading price of SHIB has witnessed a 4% surge in the past 24-hours. Following the surge, the trading price of SHIB has surged to a high of $0.00001099.

Despite hitting a high note over the weekend and the rally continuing even in the latest session, the past 7-day performance of SHIB is 1.5% negative.

As for the past 30 days, the trading price of SHIB has recorded a 15% dip. However, the trading price of SHIB has recorded an overall weighted 35% growth rate since the start of 2023.

A Highly Traded Token

Despite the recent ups and downs, SHIB has not lost its reputation as a highly traded asset in the Ethereum market.

It is an ERC-20 token with one of the highest trading volumes in the cryptocurrency market.

WhaleStats, a crypto whale tracking platform has recently released very promising data pertaining to Shiba Inu.

According to the platform, SHIB is among the most adopted meme coins among the largest corporate investors. The holdings for SHIB are high not in terms of the units but in terms of dollar value.

This clearly suggests that SHIB is among the most demanded and highly adopted cryptocurrencies among corporate investors.

L2 Shibarium is on the Way

Another factor that may help push SHIB’s price higher in the upcoming days is the implementation of the upgrade, Shibarium.

As pitched by the Shiba Inu developers, Shibarium is set to be the layer-2 network that is going to greatly increase the utility of the Shiba Inu network.

It is going to offer more support to the entire network and become highly supportive towards the metaverse and web3 adoption.

These major positive factors indicate a strong buying rally that may continue pushing the asset’s price higher. The investors may continue adding more buying power to the trend to see where the asset price goes.

If the banking crisis grows fiercer in the country, then the situation may become supportive for the crypto industry. Investors may enter the crypto market running away from the banking systems, increasing the industry’s adoption rate.

RSI Movement and SHIB’s Jump to $0.00001500

According to the analysts, the current market data is supporting the bullish trend. The sentiments of the investors are high given the positive factors supporting the asset.

If the meme coin has more and more support from the bulls, then its price would surge significantly higher than the current level.

In a matter of 24-hours, SHIB’s RSI has jumped from a low of 30 to a high of 40, which indicates a strong bullish trend.

If the RSI keeps moving higher, more investments would find their way to SHIB. This may push SHIB through the early March level of $0.00001250. If the trend remains bullish, SHIB’s price may even hit $0.00001500.

Summer White

Summer White

Summer White, an esteemed writer for Big Trends Signals, combines her online trading expertise and articulate writing to deliver exhaustive guides and fair reviews, assisting traders in digital markets.

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