Shiba Inu (SHIB) is experiencing a strong upward trend, showing promising signs of a major rally. In the past 24 hours, SHIB’s price has increased by 3.54%, reaching $0.00001937.
This recent surge follows a week where the token’s price has climbed by as much as 16.62%. With this continued positive performance, SHIB is poised to potentially break through significant resistance levels.
Shiba Inu’s Rally Boosts Market Cap and Sets Sights on New Resistance
Shiba Inu has made significant strides as both an altcoin and a meme coin, recently surpassing Avalanche (AVAX) in market capitalization. SHIB’s market valuation now stands at $11.43 billion, outpacing Avalanche’s $11.33 billion.
While Avalanche’s performance serves as a benchmark for Shiba Inu’s growth, SHIB has set its sights on more ambitious goals. The token aims to break through the resistance level of $0.00002. Achieving this would mark a significant recovery from one of its longest downtrends this year.
Although it took Shiba Inu several months to cross the $0.00001 threshold, current metrics suggest substantial growth potential. A key indicator of this growth is its trading volume, which has seen more than 2.6 billion SHIB traded in the past 24 hours. This high trading volume reflects strong bullish sentiment within the Shiba Inu ecosystem.
Shiba Inu Shows Potential for Further Growth Beyond $0.00002
Shiba Inu is currently exhibiting promising growth trends, with potential to push its price beyond the immediate target of $0.00002. There is speculation that the token could reach as high as $0.000025 by the end of the month.
If this rally continues and whale accounts maintain their significant buying activity, along with other fundamental aspects of the ecosystem remaining strong, Shiba Inu could see substantial long-term growth.
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