Can #Shiba Inu bullishness rise over $0.000035?

In 2021, Shiba Inu, a meme currency picturing a famous Japanese dog breed, became popular. Its low entrance hurdle makes it appealing compared to other cryptocurrencies. Shiba Inu's 300% gain in a month resembles Dogecoin's trading frenzy. SHIB might rise with a value of $0.00003066 and a market cap of $18,061,851,279 on March 29, 2024.

Influences on Shiba Inu bull run

Several variables affect bitcoin values. Many believe that a cryptocurrency's worth depends on its demand, which often comes from its users' creative uses.

Vitalik Endorses

Recent events, such as Ethereum co-founder Vitalik Buterin's praise of SHIB's resilience, may have influenced its bullish run. IntoTheBlock data shows that on-chain activity increased by 50%, boosting transaction volumes. SHIB trade on Ethereum increased from $4.79 trillion to $7.23 trillion in 24 hours.

Whale Deals Dominate

According to blockchain analytics firm IntoTheBlock, Shiba Inu whale transactions have surpassed $141.7 million. Given whales' effect on market dynamics, the rise in whale activity, renowned for its bitcoin reserves, is expected to boost cryptocurrency prices and momentum.

Aussie SHIB Mania

After being accepted by Australia's oldest cryptocurrency exchange, CoinJar, in 2021, SHIB was listed on Bitcoin.com.au, which may have contributed to any price boost. A recent assessment during the last bull market found that $SHIB beat Aussie market favorites like $XRP and Cardano.

Shiba Inu Price Prediction

Shiba Inu's price has surpassed its 20-day Exponential Moving Average (EMA), indicating a bullish trend. Technical analysis suggests resistance around US$0.000032, maybe US$0.000035, if it remains above the EMA20. If the price goes below the 50-day Simple Moving Average (SMA), it may retrace to US$0.000025. Given market volatility, the SHIB price projection is optimistic, which helps SHIB's upward trajectory.

#SHIB #Memecoins #BullorBear