The Shiba Inu Coin price surged over 2% today, after a sluggish trading on the prior day. Meanwhile, the surge in the leading dog-themed meme coin comes amid a recovery noted in the broader crypto market as well as in the meme coins segment. Alongside SHIB, meme coins like Dogecoin, PEPE, WIF, and others have also noted significant gains today.
However, amid this, market trends and derivatives data indicate a potential surge for SHIB to $0.00002.
Shiba Inu Price Soars Sparking Speculations
The recent jump in Shiba Inu has left many investors looking for potential reasons behind the surge. However, it appears the broader market trends and positive sentiment in the market have played a key role in boosting the SHIB price.
For context, the overall crypto market cap was up 1.39% today to $2.28 trillion, while the meme coins segment rose 3.27% to a market cap of $48.45 billion. The trading volume for the overall meme coins sector was also up 26% to $4.42 billion, indicating growing investors’ activity in the segment.
In addition, the recent spike in Shiba Inu burn rate might have also fueled investors’ optimism towards the crypto. Although the SHIB burn activity cools today, the Shiba Inu community has destroyed nearly 70 million coins from the supply over the past seven days.
The burning mechanism usually helps drive the prices higher by reducing the overall supply from the market. Meanwhile, the latest comments from the Shiba Inu community also seem to have acted as a catalyst for the recent rally.
In a recent update, Shiba Inu lead developer Shytoshi Kusama lauded the upcoming launch of its Web3 version of the popular game Shiba Eternity. Kusama said that the revenue generated from the game would be utilized in enhancing the Shiba Inu and LEASH burning mechanism.
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Price To Hit $0.00002?
Shiba Inu marketing lead LUCIE has sparked optimism in the market with a recent X post. In a social media post, LUCIE claimed that the bull run will continue till the end of “2025/2026”. Besides, LUCIE said that the Shiba Inu ecosystem tokens, including LEASH, BONE, and SHIB, know how to rally 800-1000% in just a week.
Given the recent rally of Shiba Inu toward its resistance of $0.000018, investors are optimistic about a further rally. Having said that, the current market trends and derivatives data indicate that if the SHIB hits $0.000018, then it could continue to rally to a key resistance level of $0.00002.
For context, the Shiba Inu Relative Strength Index (RSI) currently stood at 32, indicating an oversold condition for the crypto. Notably, the oversold state usually provides a buying opportunity for investors at lower prices.
Shiba Inu Price Chart
On the other hand, the Shiba Inu Open Interest was up nearly 4% today to $33.73 million, indicating strong market interest in the meme coin. Meanwhile, Shiba Inu price rose 2.04% and traded at $0.00001732, with its trading volume rising 22% to $233.22 million. Notably, the token has touched a high of $0.00001768 in the last 24 hours.
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Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
