Shiba Inu (SHIB/USD), the meme cryptocurrency known as the ‘Dogecoin Killer,’ surged by over 90% in value in the last 24 hours.
This remarkable rise has pushed Shiba Inu ahead of other meme coins like Dogecoin, Pepe, and BONK, as well as major cryptocurrencies like Bitcoin and Ethereum.
Shiba Inu Surges Amidst Social Media Buzz
A social analysis platform reports a remarkable 51% increase in Shiba Inu-related discussions across various social media platforms in just one day. This surge in chatter has propelled Shiba Inu back into the top 10 cryptocurrencies by market capitalization, reaching a valuation of $25 billion, inching closer to Dogecoin’s $27 billion market cap.
Shiba Inu made waves in the crypto market by surging to a price point of $0.00002 on Saturday, March 2, 2024. Weekly charts reveal a phenomenon traders dub as a ‘God Candle’—signifying a dramatic price increase. Since February 29, SHIB’s value has skyrocketed by 120%.
In just seven days, Shiba Inu has seen gains totaling 289%, marking a return to price levels not witnessed since the early parts of May 2022.
Warning Signs for Shiba Inu Investors
Despite the hype surrounding Shiba Inu, warning signals are flashing for investors. According to data from TradingView, the Relative Strength Index (RSI), a tool used to gauge the speed and change of price movements, is currently at a high of 98.36949660. This figure surpasses the conventional ‘overbought’ designation of 70, often indicating a potential upcoming decline or significant price correction.
In addition to the RSI, other technical indicators like the Stochastic %K, Commodity Channel Index (CCI), and Williams Percent Range also suggest a potential sell-off for Shiba Inu. This alignment of indicators indicates that Shiba Inu may be primed for a market correction.
As of the time of writing, SHIB was trading at $0.0000444, reflecting a 90.15% increase in the last 24 hours.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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