- Shiba Inu, a meme cryptocurrency, registers a significant surge in value over the weekend, registering weekly gains of 9.16%.
- Despite a challenging market climate, Shiba Inu’s market capitalization rebounds, securing its place as the 17th largest crypto asset on CoinMarketCap.
In the face of tumultuous market conditions, meme cryptocurrencies have borne the brunt of significant corrections. However, in a remarkable turn of events, Shiba Inu (SHIB) stood out over the past weekend, exhibiting a surprising uptick in value amidst widespread market downturns. The meme coin, previously criticized for its price stagnation, had seen an impressive 3.34% daily surge at the time of writing, trading at $0.000007178. The overall weekly gains for SHIB registered an encouraging figure of 9.16%.
The SHIB/USDT chart depicted an evident ascension from its monthly low of $0.000005717, thanks to robust buying activity by SHIB investors. Despite a temporary dip from the overbought region to the sellers’ zone in the Relative Strength Index (RSI), a strong upward momentum was discernible. However, the Parabolic SAR indicator’s formation of a resistance line above the candlesticks may pose future challenges to this upward trajectory.
This price evolution in the SHIB market has resonated positively within the ecosystem. One significant development is the reduction in the proportion of SHIB holders at a loss, which slipped from 91% to 88%. Data from IntoTheBlock affirms that nearly 9.64% of SHIB holders are now reaping profits from their investments.
Despite fears regarding the reduction in Shiba Inu’s price, leading to a concurrent decrease in its market capitalization and potential slide down CoinMarketCap’s rankings, the reality proved otherwise. Against all expectations, SHIB’s market cap bounced back to $4.23 billion, cementing its status as the 17th largest crypto asset.
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The meme cryptocurrency also saw a pronounced rise in its social volume, signaling an increase in its mentions and discussions across diverse social media platforms. LunarCrush, a platform specializing in the analysis of social and market activity, ranked Shiba Inu as 1 out of 4,481 crypto assets in terms of its social engagement, demonstrating its enduring appeal among crypto enthusiasts.
In summary, these recent positive occurrences within the Shiba Inu network instill a renewed sense of optimism in the market. These developments may serve as a magnet for potential investors, who may view SHIB’s bullish momentum and positive sentiment as an opportunity for prospective returns. As of now, Shiba Inu is poised for a promising rally.
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