ISHIBA Naming Coincidence Sends Shiba Inu Price Soaring 50% in 48 Hours

Shiba Inu (SHIB) price, a popular meme coin, has recently experienced a significant rise. Currently, SHIB is trading along an upward trajectory. This increase coincides with a broader market rally affecting various cryptocurrencies.

Shiba Inu Price Surges 10% After ISHIBA Naming

In a recent update shared by Zaheer on X post, the spot price of the meme coin has increased 50% over two days. This surge is attributed to the appointment of Japan’s new Prime Minister, who interestingly shares a name with the digital coin “ISHIBA.” 

The spot price of $SHIB is up ~50% in 2 days because the new Japanese prime minister is named “ISHIBA”.

Like I said, don’t ask your dumbest friends. https://t.co/sbH7hZzcIU pic.twitter.com/JoEn2pOP2t

— Zaheer (@SplitCapital) September 27, 2024

Zaheer’s post advises caution and skepticism, humorously suggesting that one should avoid consulting their least knowledgeable friends about the price change. He emphasizes the mixed reactions and beliefs often accompanying such unexpected market trends.

SHIB Price Climbs Amid Surging Market Activity

The Shiba Inu price has experienced a remarkable 43% increase in its value over the last nine days. This rise stands out compared to other cryptocurrencies and meme coins. 

😺📈 Shiba Inu has surged +43% in the past 9 days with on-chain activity notably surging compared to altcoin alternatives and other meme coins. In addition to volume, circulation, and whale transactions spiking to 10-week highs, social dominance is up as well. This indicates that… pic.twitter.com/w13pdr4r7K

— Santiment (@santimentfeed) September 26, 2024

Market activity, including trading volume, circulation, and significant transactions, has reached levels not seen in the past 10 weeks. This surge is also reflected in the digital conversation, showing heightened interest and speculation about Shiba Inu’s future

How High Can SHIB Price Climb Next?

The SHIB price showed a notable uptick, as the cryptocurrency surged by 9.43% over the past 24 hours. According to CoinMarketCap data, the SHIB price is trading at $0.0000204. The price chart illustrates a steady climb in the value of SHIB, with significant increases observed throughout the trading day.

The price movement started at approximately $0.00001835 and reached a high of $0.00002156 before slightly retracting. SHIB is consolidating around the $0.0000204 level, showing stability after the day’s volatility.

The recent uptick in the Shiba Inu price may trigger increased buying interest. If the SHIB price surpasses the $0.00002 mark, it could soon target higher levels at $0.000025 and $0.000027. With sustained investor enthusiasm, the SHIB price prediction could reach as high as $0.0003 by the end of September.

The Relative Strength Index (RSI) breached overbought territory at 82, suggesting strong buying pressure. The Moving Average Convergence Divergence (MACD) showed a bullish crossover, further confirming the trend.

A unique naming coincidence drives the recent price surge in the Shiba Inu coin. Bullish market indicators also play a significant role. However, if bears come back, the SHIB price could hit the support level of $0.00002.

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Coingape Staff

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.