Shiba Inu price climbed over 7% within an hour in response to Twitter’s logo change.
The Twitter-fueled Shiba Inu price rally drove SHIB to $0.00001135.
Analysts predict Shiba Inu’s recovery in 2023, with the upcoming alt season narrative and shifting macroeconomic outlook.
Shiba Inu, the second-largest meme coin in the crypto ecosystem witnessed an explosive move in its price in response to Twitter’s logo change. The social media giant changed its Twitter logo from bird to “Shiba Inu dog” fueling a double-digit price rally in Dogecoin and nearly 7% gains in Shiba Inu.
Shiba Inu price explodes in response to this catalyst
Shiba Inu price climbed from $0.00001066 to $0.00001147 within an hour post Twitter’s big logo change. A picture of the Shiba Inu dog is being used as the Twitter logo, fueling a bullish sentiment among holders of the Shiba-Inu-themed meme coin.
Shiba Inu price yielded 7% gains for holders in its explosive move, leading SHIB holders to the question whether the meme coin is ready to eat more zeroes.
The Dogecoin-killer is currently 86.82% away from its all-time high of $0.00008616. It remains to be seen whether SHIB will eat more zeroes. The meme coin’s market capitalization climbed to $6.69 billion with its most recent price rally. It seems unlikely that the Shiba-Inu-themed asset “eat a zero” in the short-term, however SHIB could sustain its gains with the “alt season narrative” potentially upon us.
Alt season is the rotation of capital from Bitcoin to altcoins, with BTC’s recent pullback and sideways price action this narrative has become popular in the crypto community.
Analysts are bullish on Shiba Inu
Analysts are speculating the arrival of a “Dog rally” with Twitter’s logo change and DOGE’s 27% gains. Crypto experts behind the Twitter handle ShibaInvestor have identified $0.000012 and $0.00001250 as the two key resistances in SHIB’s uptrend.
Shiba Inu price could face next key resistance at the 61.8% Fibonacci Retracement level at $0.00001184. A drop below the 50% Fibonacci Retracement at $0.00001142 could invalidate the bullish thesis for the meme coin.
