Shiba Inu surges 18% in 24 hours: Did the Bitcoin halving help SHIB rally?

    SHIB witnessed a massive surge in price over the last 24 hours.
    Social volume and sentiment around the token improved significantly.

Shiba Inu (SHIB) is a meme coin that has managed to maintain popularity in the crowded meme coin market for an extended period.

Despite recent volatility seen by the token, it appeared that it was seeing growth.

One for the bulls

Over the last day, SHIB underwent a notable price increase of approximately 18.62%, bringing its current trading price to $0.00002701. This signifies a substantial rise in worth for SHIB investors.

Analyzing the price movement of SHIB revealed some potential for growth in the future.

Starting from March 28th, Shib’s price trended bearishly with successive lows and highs becoming lower.

Lately, the price increase caused the price to touch the $0.00002835 mark again, implying a possible shift in the downtrend and growing enthusiasm among investors.

With a CMF of 0.25 for SHIB, there’s a notable inflow of investor money into the token, showing robust buying activity.

A positive Relative Strength Index (RSI) for SHIB indicates that investors are becoming more optimistic and there’s growing interest in the market, possibly leading to greater price increases.

In addition, the Relative Strength Index (RSI) of SHIB stood at 72.58, suggesting the market was overbought. Such a condition might lead to a price pullback before attempting another run at the $0.00002835 mark.

Shiba Inu surges 18% in 24 hours: Did the Bitcoin halving help SHIB rally?

The level of public opinion and buzz about SHIB have experienced notable expansion, indicating increasing interest and interaction within the community.

Social media chatter about SHIB is growing more frequent, signaling greater curiosity and debate. Additionally, the rising Weighted Sentiment implies that the majority of these discussions carry a positive tone.

Shiba Inu surges 18% in 24 hours: Did the Bitcoin halving help SHIB rally?

What does the ecosystem look like?

Alongside the price surge, the destruction of SHIB tokens has also played a role in reducing their availability. Approximately half of all SHIB tokens – a 49.42% decrease – have been eliminated in the last week.

This reduction in supply could further drive scarcity and help SHIB see green in the future.

Additionally, the creation of Shiba Inu’s Layer 2 solution, Shibarium, has brought significant advantages to the Shiba Inu community.

The number of daily transactions on the network experienced massive growth over the last few days.

Read Shiba Inu’s [SHIB] Price Prediction 2024-25

This growth signifies a thriving environment and suggests that SHIB has the possibility for lasting success and acceptance in the future.

It remains to be seen whether SHIB manages to sustain this positive momentum.

Shiba Inu surges 18% in 24 hours: Did the Bitcoin halving help SHIB rally?

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2024-04-21 18:15