Shiba Price Up 10.50%- Time To Buy SHIB Coin?
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The altcoin season is here, and although most are floundering, one front-runner continues to smash new records; the Shiba Inu. Investors are rushing to buy SHIB as its price sees a major uptrend.
Shiba Inu is an Ethereum-based meme coin that also uses the Shiba Inu as its mascot. Shiba Inu is commonly regarded as a Dogecoin alternative and many consider the ERC-20 token as the ‘Dogecoin killer.’
SHIB Making Headway As The Market Rallies
At press time, SHIB is selling for $0.00003271. This price has increased by 10.50% in the last 24 hours. With a 0.79% market domination, the digital asset is the 13th most valuable cryptocurrency in the global crypto market.
The Shiba Inu utility token has a 24-hour trading volume of $1.98 billion, reflective of an amazing 150.83% increase in the last 24 hours. SHIB’s fully diluted market cap value is set at $19.17 billion, up by 11.56% in the last day.
The asset’s price surge demonstrates the meme coin’s tenacity and a potential to break into a positive climate after a bearish period. This rising trend in the coin price is a powerful motivator for investors to buy SHIB.
The Shiba token was selling for $0.00000729 on July 24 but dropped to $0.00000695 on August 13. The Altcoin price increased, reaching a high of $0.00000865 on September 18 while continuing on its bullish run.
The virtual asset reached $0.00001508 by October 13. The Dogecoin killer gained traction once more, climbing past the October 13 price peg to $0.00004286 on November 1, then soaring to $0.00006014 on November 15 before falling to $0.00003914 on December 11.
The price of the Shiba utility token continued to fall until it reached its current price of $0.00003271.
SHIB Technical and Fundamental Analysis
SHIB’s technical indicators reflect a short term bearish run with the coin trading below the 20-day moving average (MA) support price of $0.00003475.
However, the coin’s current price sits above the 200-day Moving average (MA) support price of $0.00002073, signalling a long-term bullish run. This presents an opportunity for investors to buy SHIB.
On the 14-day Relative Strength Index (RSI) chart, SHIB is in the underbought region with a value of 41.64. Meanwhile, the Moving Average Convergence and Divergence (MACD) chart depicts a sell signal with the orange trend line taking the lead.
The Shiba token’s upward trend may be attributed to SHIB’s potential listing on Bitstamp. In a tweet, Bitstamp confirmed the SHIB listing would be happening in the coming year.
The fact that Shiba Inu is being listed on Bitstamp has a big impact because SHIB was able to accomplish this functionality in less than two years after launching.
Bitstamp is more than just another trading platform; it’s one of European investors’ most trusted and user-friendly tools. Bitstamp is the largest cryptocurrency exchange in Europe, with 4.4 billion users worldwide.
While on the topic of listings, Bitpay, a cryptocurrency payment firm, has added support for the Shiba Inu meme coin. Following Bitpay’s announcement, Newegg revealed that it would be accepting SHIB payments.
Because Newegg already utilises Bitpay to handle cryptocurrency payments, it can take Shiba Inu immediately. However, CEO Adam Aron of AMC Theatres has stated that the firm expects to accept SHIB in the first quarter of next year.
Meanwhile, a petition to put Shiba Inu crypto on the renowned trading site Robinhood has received over 545,000 signatures, and we just might see another groundbreaking listing in the coming year.
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