As SHIB Increases 6% in 24 Hours, Can Shiba Inu Hit $1?
Shiba Inu price rose 6.5% today to $0.00003358 while the crypto market rose 2% in 24 hours.
The meme coin has risen 156% in the previous week and 280% in the last 30 days, benefiting from positive market moves.
As Bitcoin approaches its second halving, the market expects Bitcoin to rise.
SHIB may outperform its competitors in the next few weeks due to the meme token's excellent fundamentals.
SHIB is likely to restart its climb from last week after a slight decline this week.
Its relative strength index rose today after falling from 95 to 80 over the previous two days, indicating strong momentum.
Currently, SHIB's 30-day moving average is increasing rapidly and surpassing the 200-day moving average.
This suggests that meme tokens are experiencing a major growth spurt that may last for weeks or months, barring a decline in profit-taking.
After months of apathy, large SHIB transactions have increased in recent days, indicating that whales are returning to the meme currency.
The accumulation of whales usually predicts an increase in prices, therefore it bodes well for the currency.
Rising Bitcoin ETF volume, enthusiasm for the upcoming BTC halving, and potential Ethereum ETFs have positioned SHIB in a new bull market.
Such bullishness may increase the overall price, but SHIB may gain more.
Performance may be better this year as they spent most of 2023 doing nothing.
After last year's debut of Shibarium and the upcoming launch of SHIB: The Metaverse, SHIB has perhaps the strongest meme currency foundation.
In two weeks, the Shiba Inu price may reach $0.000040, then rise to $0.000050 or $0.000060 in a few months.
