Shiba Inu Coin Skyrockets, Entering Top 10 Cryptos Amid Market Buzz

Shiba Inu Coin has recently made headlines in the cryptocurrency community due to its significant price increase. Over the last week, the meme coin saw an impressive rise of 230%, and in the past month, its value jumped by more than 300%, outperforming many other digital currencies in a generally bullish crypto market. Despite these gains, the SHIB price dipped slightly by over 13% in the last 24 hours, trading at $0.00003561.

Following this momentum, Shiba Inu has catapulted into the upper of the cryptocurrency market, securing a spot among the top 10 by market capitalization. Currently, Shiba Inu holds the 10th position on CoinMarketCap, flaunting a market capitalization of $20,874,825,690, underscoring its prominence in the digital currency sphere. 

This enthusiasm is further mirrored in the trading volume, which has consistently expanded over the past month, surpassing the $12 billion mark. This indicates a growing confidence among investors in the potential of the SHIB market. 

​​Shibarium Milestone Fuels Investor Confidence

This notable surge in Shiba Inu Coin's value aligns with a key achievement for Shibarium, the ecosystem's layer-2 scaling platform. Shibariumscan reports that the network has now processed more than 3.5 million blocks and is close to reaching 400 million transactions. 

The Shiba burn rate has soared remarkably, experiencing a 90% increase in just the last day. This surge led to the elimination of 130 million tokens from the overall supply.

Bitcoin's rise often mirrors the broader sentiment in the cryptocurrency markets, with its fluctuations having a profound impact on the investor's mood. Following a record-setting high, a retreat in Bitcoin's value could usher in a cautious or even bearish outlook among traders. This apprehension might prompt them to offload other digital currencies, including SHIB and various meme-based coins.

If Shiba Inu manages to breach the resistance level at $0.000035, its valuation could climb toward the $0.00004 threshold. However, facing difficulty in breaking through the $ 0.00004479 level might trigger a downward movement. The first line of defense lies near $ 0.00002746 , followed by a stronger support point at $ 0.00001890. A fall below the key support of $0.00003 could potentially lead to a more pronounced decline in its price towards $ 0.00001012.

The 24-hour technical indicators for Shiba Inu suggest a continuing bullish trend despite a minor pullback. The Bollinger Bands show the upper band at approximately 0.00003411 and the lower band at around -0.00000303, indicating potential volatility and price movement within these bounds.

SHIB Price Chart: Ttardingview

The Relative Strength Index (RSI) on the chart indicates a very strong buying momentum, with a value peaking near 94.81. This is well into the overbought territory, suggesting that the market may be due for a correction or pullback as traders look to take profits from the recent price surge.