Shiba Inu (SHIB) Records an Incredible 83.16% Gain in a Day

Shiba Inu (SHIB) records 83.16% in 24 Hours: Unprecedented surge surprises traders!

Crypto News: The Shiba Inu price is US$0.000038 up 8.32% in the last 24 hours as of 1:09 p.m. The current price activity of Shiba Inu has left the token market capitalization at US$22.98 billion. This year, Shiba Inu has changed by 294.15%. Shiba Inu is recognized as a currency under the CoinDesk Digital Asset Classification Standard (DACS).

Factors that led to the SHIB price increase include:

Shiba Inu is the second most popular meme coin after Dogecoin, often known as "Dog-Killer."Dogecoin, Bonk, and Floki Inu are among the meme coins that have lately acquired popularity as a result of their amazing achievement. This led to a positive market for several other meme currencies, including SHIB.

Another key reason is the market's heightened purchasing inclination. According to Spot-On-Chain, Rune Christensen, the creator of MakerDAO, just purchased 7.41 billion SHIB worth US$100,000 USDC on March 1st, which is reported to be the reason for the first 60% jump. Soon after, he acquired 17.629B US$SHIB for 400K US$USDC, resulting in a 20% increase.

The last cause for the surges is the release of the Shib Name Service (SNS) 1.1 version. It allows its users to receive customized tokens.Users may personalize their web3 identification with gamertags and numbers, which are intended to first incorporate SSI (Self Sovereign identification) into Shiba's initiatives. SHIB Identity's first phase is scheduled for November 1, 2024.

Shiba Inu Price Analysis

SHIB has traded inside the Bollinger Bands, which evaluate volatility and trend direction. The top and lower bands serve as dynamic support and resistance levels, respectively, while the center band represents a 20-day simple moving average.

The RSI is a momentum indicator that determines the strength and speed of price fluctuations. It spans from 0 to 100, with values more than 70 suggesting overbought situations and less than 30 indicating oversold conditions. This shows that there is strong purchasing pressure and that the price may continue to climb in the immediate future. However, it also signals that the price may soon see a correction or consolidation as buyers take profits or sellers join the market.

The MACD is a trend-following indicator that indicates the connection between the price's two moving averages. It is made up of two lines: the MACD line, which represents the difference between the 12-day and 26-day exponential moving averages (EMAs), and the signal line, which is the MACD line's 9-day EMA. The MACD histogram illustrates the distance between the MACD and signal lines.

Shiba Inu Price Prediction

Changelly predicts that by the end of 2025, Shiba Inu will be worth around US$0.000025 per SHIB token. The lowest projected price might be about US$0.000025, while the highest expected price could be US$0.000031. The average trade price in 2025 is expected to be about US$0.000026.

Bitnation estimates that by 2030, Shiba Inu will have achieved its promised utility and acceptance, with a maximum price of US$0.0001204 and a minimum of US$0.00008362. Furthermore, Coincodex forecasts a possible high of US$0.000131 for SHIB in 2025 based on variables such as internet expansion, Google, Facebook, and mobile usage.