As the cryptocurrency market as a whole has a very quiet 24 hours, the Shiba Inu price has dropped by 1%, falling to $0.00000892.
Gains of 9% in the past week and 28% in the last 30 days have pushed SHIB higher, and this trend is expected to continue for the meme coin in the days and weeks ahead.
With the recent release of several major updates to the Shiba Inu ecosystem, organic growth in adoption may be enough for SHIB to have a successful 2024.
Should You Buy the Dip After SHIB Drops 2% in 24 Hours?
What's promising about SHIB's chart is that its indicators imply it hasn't achieved full breakout mode just yet.
SHIB is expected to continue its upward trend, with the 30-day moving average (yellow) edging closer to crossing above the 200-day moving average (blue).
Also, SHIB has not actually entered overbought territory, as the relative strength index (purple) has stayed at or slightly under 70 over the past few weeks.
Since the coin's 24-hour trading volume has been increasing over the previous few days, there is still plenty of potential for the Shiba Inu price to grow before things overheat.
SHIB, like many other alts, has benefited from the recent market-wide strengthening, but this increase suggests that demand is just starting to surge for SHIB.
The fact that the meme token is still 89% off its all-time high of $0.00008616, established in October 2021, suggests that traders may have oversold it in recent months.
As a result, SHIB may recoup a significant portion of its value during the forthcoming bull market, which may have began within the past few weeks.
The platform's summer rollout of the Shibarium layer-two network only adds to the growing list of positives surrounding Shiba Inu.
The Shiba inu ecosystem is on the verge of reaching a number of significant landmarks.
Since its introduction, Shibarium has handled approximately four million transactions and registered over a million wallet addresses.
Shiba Inu's rising popularity can be seen in the numbers, and the recent creation of its own name service is part of a larger movement toward decentralized identification systems.
When considered collectively, these factors justify additional price gains for Shiba Inu, with the meme coin expected to hit $0.00010 in the coming weeks.
