Shiba Inu Surges 7% in 24 Hours as Meme Coin Market Resurgence Continues
Shiba Inu has experienced a notable 7% increase in value in the last 24 hours, reflecting a broader revival within the meme coin sector. The entire niche has seen a collective surge of 7.82%, with Shiba Inu standing out as one of the top performers in this recent uptick. Interestingly, the trading volume for SHIB has surpassed that of Dogecoin, indicating a shift in investor interest towards this particular meme coin. On-chain data suggests that Shiba Inu may be poised for further gains in the short term, potentially outpacing Dogecoin in terms of performance. Additionally, renowned crypto analyst Ali Martinez has identified a trend that could result in a significant 20% upswing for SHIB.
Shiba Inu Volume Leads Over Dogecoin
Data provided by Coinmarketcap reveals that Shiba Inu has observed an impressive 320% surge in trading volume over the past day, outpacing Dogecoin, which recorded a 160% increase in volume during the same period. Despite Dogecoin’s recent consolidation within a descending channel, there are signs of a potential breakout as the cryptocurrency attempts to push higher.
- Shiba Inu’s trading volume has surged by 320% in the last 24 hours
- Dogecoin has seen a 160% increase in trading volume
- Shiba Inu is showing strength compared to Dogecoin in the meme coin market
Analysts at IntoTheBlock indicate that Dogecoin still holds a long-term advantage over Shiba Inu in terms of performance. However, SHIB appears to be gaining traction and could potentially outperform DOGE in the short term. The data suggests that the number of holders for Dogecoin has increased by 1.86% over the past month, while Shiba Inu has recorded a 0.43% rise in holders. In terms of short-term investors, SHIB seems to be enjoying more support, with a 5.69% increase in holders who have held the asset for 1 to 12 months, compared to a 2.44% decrease on Dogecoin’s side.
Shiba Inu Eyes Breakout Opportunity
Shiba Inu is currently on the verge of breaking out of a descending parallel channel characterized by lower highs. Market analysts, notably Ali Martinez, have pointed out that SHIB has been confined within this channel since the final week of April. The current price action suggests that Shiba Inu is approaching the upper boundary of the channel, presenting a pivotal moment for a potential breakout or reversal in its price trajectory.
- SHIB is at a crucial juncture for a breakout or reversal
- Analyst Ali Martinez identifies a breakout level at $0.00002444
- A breakout could trigger a 20% upswing for Shiba Inu
According to Martinez, a successful breakout above the $0.00002444 mark could propel Shiba Inu towards a 20% upswing, targeting a price level of $0.00002954. This price target represents the upper limit of the descending channel, indicating further potential gains for SHIB if the breakout is sustained. Reaching this milestone could pave the way for Shiba Inu to revisit the $0.00003 price range.
Closing Thoughts
As Shiba Inu continues to gain momentum and outpace other meme coins like Dogecoin, the cryptocurrency market is witnessing a renewed interest in these unique digital assets. With a potential breakout on the horizon and the support of on-chain data and industry experts, SHIB could be setting the stage for further price appreciation in the near future. Keep a close eye on the developments surrounding Shiba Inu as it navigates this critical phase in its price action.
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