The price of Shiba Inu (SHIB) has surged by an astonishing 60% today, reaching $0.00004137, while the broader crypto market sees a 3% gain over the past 24 hours.
SHIB has witnessed a remarkable 300% increase in just a week and a staggering 362% rise in a month, propelling the meme token to the 11th position in the market based on market capitalization.Despite this surge, SHIB remains 53% below its previous all-time high of $0.00008616, indicating potential for further upward movement before any significant correction.
The chart for SHIB illustrates an extraordinary surge, with its current price significantly surpassing its 30-day average, which itself is rising sharply beyond the 200-day average. However, the relative strength index (RSI) currently stands above 90, suggesting potential overbuying in the market.
Source: TradingView
Despite concerns of overbuying, bullish demand for the meme coin continues to drive its rally. While a correction may be possible in the near term, the medium- and long-term trajectory for SHIB appears highly optimistic.
SHIB stands to benefit from rising Bitcoin ETF volumes, potentially fueling further rallies in the coming weeks. Moreover, its fundamentals appear stronger than many other meme coins, with notable developments such as the launch of the Shibarium layer-two network, which is witnessing significant transaction activity.
Analysts predict SHIB could reach $0.000050 in the next few weeks and potentially rise to $0.000060 by the summer, driven by continued market momentum and improving fundamentals.
While SHIB's current momentum may deter some traders, alternatives like Scotty the AI (SCOTTY) are gaining attention. SCOTTY, an Ethereum-based meme token, offers promising utility through its AI-powered cryptocurrency trading platform, Scotty Swap, and AI-based trading bot, ScottyChat. With its presale already raising over $2.3 million, SCOTTY is attracting investor interest and may see significant demand upon its listing.
Investors interested in SCOTTY can visit the official Scotty the AI website to participate in the sale at $0.0073 per token, with prices expected to rise in the coming days ahead of listing.
Shiba Inu community witnesses a 2,076% surge in SHIB burn rate, burning 40,067,872 SHIB in 24 hours. Shibarium updates announced for 2024-2025 include Metaverse and ShibaSwap DEX upgrades. Despite positive developments, SHIB price faces challenges, dropping by 10.39%.
EdmundShiba Inu community warned of fraudulent airdrop bot scams by Shibarmy Scam Alerts. Caution urged against fake schemes promising free tokens. Reminder: No official SHIB airdrops or group bots exist. Vigilance and skepticism advised; verify legitimacy before sharing personal information or transferring assets.
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Cointelegraph