Shiba Inu Coin Soars 3% Amid Meme Coin Rally: What Investors Need to Know

Shiba Inu Coin Soars 3% Amid Meme Coin Rally: What Investors Need to Know

Today, Shiba Inu (SHIB) Coin price jumped nearly 3%, propelled by a strong performance in the broader meme coins sector. The overall market cap of meme coins surged 4.15%, reaching $49.25 billion. Alongside Shiba Inu’s rise, other major meme coins like Dogecoin, Pepe Coin, and WIF also experienced rallies. Investors continue to focus on the meme coin sector, drawn by its growth potential and relatively lower prices.

Recent Burn Activity Boosts Sentiment

SHIB Coin has recently gained traction due to its significant burn activity. The burn rate of Shiba Inu jumped over 6,000%, which helps reduce the overall supply and potentially drive prices higher. This recent burn activity likely bolstered market sentiment, signaling a potential rally in the near future.

Upcoming Shiba Eternity Game Excites Investors

In a move that has excited investors, the Shiba Inu team announced the launch of a Web3 version of the popular game Shiba Eternity. This game, integrating with the Shibarium layer-2 solution, is set to launch in Q3, 2024. Shytoshi Kusama, the lead developer of Shiba Inu, praised this development and stated that revenue generated from the game would be used to enhance the burning mechanism for SHIB and LEASH tokens.

Potential for Further Rallies

Despite current volatile market conditions, on-chain data and experts suggest that SHIB price could rally in the coming days. The SHIB Relative Strength Index (RSI) stands at 31, indicating an oversold condition. Market watchers anticipate that whales might seize the recent dip to increase their SHIB holdings.

SHIB Price Chart. Source| TradingView

Shiba Inu Price Analysis

Shiba Inu Open Interest has risen by 1.32% to $35.66 million, according to CoinGlass data, indicating heightened investor interest in the crypto. Currently, SHIB price has risen 2.87%, trading at $0.00001769.

Analysts believe Shiba Inu Coin is navigating critical resistance levels at $0.00001968 and $0.00002512, which are crucial for its upward trajectory. Breaking through these resistance points could yield substantial profits. Conversely, support levels at $0.00002083 and $0.00001627 play a vital role in maintaining SHIB’s stability amid market fluctuations. Successfully holding these support levels may provide a cushion against volatility, offering steadiness in a turbulent market environment.

Read Also: Shiba Inu Whale Offloads Massive SHIB Stash to Binance – What’s the Plan?

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

Share this :