Shiba Inu Price Up By 8.57% – Time to Buy SHIB Coin?
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Meme protocol Shiba Inu has made remarkable gains in the last 24 hours as the crypto market pushes on a rally. The digital token’s strong price gains have seen several investors want to buy SHIB. Given the asset’s continued rally, we explore the fundamental and technical performance of the Dogecoin killer.
SHIB: Keeping the Spotlight As Rally Intensifies
Shiba Inu has posted remarkable gains in the past 24 hours and momentarily increased 21% following a tweet by Tesla CEO Elon Musk. However, it has since retraced its gains and currently trades at $0.00002756, up 8.57% in the last 24 hours. The meme coin has a market dominance of 0.45% with over $27.7 billion fully diluted market cap, which has seen a 9.58% increase in the last day.
SHIB became a blockchain surge after increasing 21,000% in one week and hitting an all-time high (ATH) of $0.00003791 on May 10.
The ERC-20 token could not retain this price action and subsequently shed off a large chunk of its gains and finding support at $0.00000604 following a four-month prolonged bearish control. SHIB has since made significant rallies after hitting rock bottom and has largely been on an uptrend in the past weeks this month.
The crypto market catching some tailwinds makes this an ideal opportunity to buy SHIB as meme coins become a common feature in the new norm of finance.
SHIB Technical and Fundamental Analysis
Considering SHIB’s technical and fundamentals gives us a clearer view of how the digital token is performing. The Dogecoin killer is on a bullish run despite facing resistance at the $0.00002800 price peg. It is soaring above the 20-day moving average (MA) support price of $0.00002122, indicating that the bulls have a large market share of the market.
Although it is trading on par with the 9-day MA indicator, the longer-term 200-day MA reasserts the bullish push back into contention as the digital asset is above the indicator price peg of $0.00001510.
The relative strength index (RSI) figure of 67.74 shows that more investors are keen to buy SHIB as investors’ interests rekindle for meme coins. The moving average convergence and divergence (MACD) show a strong bullish push back into the fray, with the green trendline soaring about its orange counterpart. This indicates a strong buying signal and posits a good opportunity to buy SHIB and rise with the market.
SHIB’s strong 24-hour performance can be attributed to several factors, following the decentralised spontaneous experiment’s strategic partnerships in the past few weeks. However, the one with the most impact has been Tesla and SpaceX CEO Elon Musk’s recent tweet. Musk is a well-known meme coin supporter and is a staunch backer of Dogecoin.
He has since channelled some of those energies to the Shiba Inu project in recent months. Musk tweeted a text art image of the Japanese Shiba Inu dog and an emoji of a space rocket. This led to a 21% increase in the price of SHIB as meme coin investors began piling more SHIB tokens.
(_/)
( •_•)
/ >🚀— Elon Musk (@elonmusk) October 17, 2021
Aside from the social media input, the Shiba Inu project has been building a strong ecosystem. The project recently released its highly-anticipated non-fungible token (NFT) game duly named Shiboshis. This would increase the use case for the SHIB token, which is expected to play a principal role in the NFT offering.
In addition, the SHIB token has been listed on Bitcoin exchange CoinFlex. This is in combination with other governance tokens BONE and LEASH.
The payment rail processor NowPayments had announced that SHIB, BONE and LEASH tokens will now be used to pay for products and services across several e-commerce sites worldwide. This will see SHIB being used across the thousands of merchants that support the payment processing company’s services.
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