Shiba Inu (SHIB) has recently witnessed a surge in its bullish momentum, capturing the attention of investors and enthusiasts alike. Beginning from February 24 to February 29, the asset demonstrated a gradual upward trend, steadily climbing to the $0.000012 price range.
SHIB Accelerated Growth
The momentum gained traction as SHIB saw a remarkable spike of 104% from $0.00001170 on February 29 to a peak of $0.00002390 by March 3. Despite encountering resistance at $0.000023, SHIB managed to maintain its position above the $0.000022 mark.
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In response to these favorable price movements, the official Shiba Inu X account took to social media, sparking optimism within the community. Through a symbolic depiction featuring a dog gazing at the moon with a telescope, the post subtly conveyed a bullish sentiment, hinting at SHIB’s potential to reach new highs.
Shiba Inu Community Reacts
The community enthusiastically embraced this depiction, interpreting it as a sign of SHIB’s upward trajectory. Speculations regarding a potential rise to $0.001 began circulating, as SHIB emerged as one of the standout performers in the market, alongside other meme coins, amidst what analysts termed as “meme coin mania.”
Despite concerns raised by some market participants regarding a possible peak, SHIB continued its upward trajectory following the post from its official account. The asset surged past the $0.000027 mark for the first time since April 2022, prior to the significant price downturn triggered by Terra.
Reclaiming Top 10 Spot
SHIB’s latest price surge propelled it to a 23-month high of $0.00002737, marking a 21.54% increase for the day. This surge also positioned SHIB as the third-largest gainer within this timeframe, with its seven-day cumulative growth reaching an impressive 177%. Amidst the surge, SHIB briefly re-entered the top 10 list of largest assets, surpassing Avalanche (AVAX) to claim the tenth spot, with its market cap surpassing $16 billion.
The recent price uptick pushed SHIB’s weekly Relative Strength Index (RSI) above the 80 mark, signifying a level of bullish momentum not seen since October 2021, when SHIB reached its all-time high of $0.00008845.
