- SHIB has increased by over 5% at press time.
It is the highest gainer among memecoins in the last seven days.
As a seasoned crypto investor with a penchant for memecoins and a soft spot for Shiba Inu [SHIB], I must admit that this latest price surge has caught my attention. The 20%+ spike in just 24 hours is nothing short of impressive, especially considering its position as the top gainer among memecoins in the last seven days.
The cryptocurrency Shiba Inu (SHIB) has seen a substantial increase in its value lately, approaching the point where it may potentially break through another important price barrier.
The recent rise in SHIB‘s value has brought more focus on it, positioning it among the most talked-about cryptocurrencies at present. In just the past day, trading activity and the number of open positions (or bets) have significantly increased.
Shiba Inu spikes over 20% in the last 24 hours
An analysis of Shiba Inu’s recent price trend reveals a major spike in the last trading session.
Shiba Inu coin experienced a significant surge, climbing more than 22% to reach approximately 0.000018 USD – its highest daily gain in months. This surge surpassed the 16% jump witnessed in March. Currently, SHIB is being traded around 0.000019 USD, marking an increase of over 5%.
As the digital currency gets closer to its extended trendline (represented by the blue line), this line, which has served as a strong barrier since July, may again impede further advancement.
Before this rise, Shiba Inu (SHIB) was already moving upward, but the recent surge has made this trend even stronger.
In simpler terms, the Relative Strength Index (RSI), which measures the speed and change of price movements in SHIB, has risen close to 80. This typically means that SHIB may be overvalued at the moment, hinting at a possible short-term price adjustment or correction.
Shiba Inu’s trading volume aligns with price increase
The trading activity for Shiba Inu coins has grown proportionately as its price rises. Over the last four days, this activity has jumped significantly from around $270 million to more than $1 billion.
At press time, SHIB’s trading volume was at about $1.35 billion, per data from Santiment.
With prices on the rise and a surge in trading volume, it appears that buyers are in control of the market. Should this trend persist, there’s a possibility that Shiba Inu (SHIB) may approach its peak value (record high).
To add on, information from CoinMarketCap indicates that Shiba Inu (SHIB) has seen the largest growth among the leading meme coins in the last week, rising more than 30%.
dogwifhat (WIF) was the closest competitor, with gains of around 31%.
Shiba Inu attracts increased investor interest
Besides the rise in price and trading volume, it’s worth noting that there’s been a significant boost in the open interest for Shiba Inu as well.
According to data from Coinglass, the Open Interest for SHIB increased significantly within the past 24 hours, rising from approximately $37 million to more than $57 million.
This spike is noteworthy because the last time open interest saw such an influx was in June.
The rise indicates that an influx of funds is going towards SHIB as its price climbs up, hinting at a surge in derivative market’s activity.
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2024-09-27 23:03