Shiba Inu Coin (SHIB), the meme-inspired cryptocurrency, has recently surged in popularity, marking a significant bullish trend. SHIB surpassed the $0.00003 resistance level, boasting a remarkable 250% increase in just a few days. This impressive growth has grabbed the attention of cryptocurrency enthusiasts and investors worldwide.
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Despite the recent climb, SHIB has experienced some minor corrections. Over the past two days, its value dipped slightly to $0.00003067. Currently, SHIB trades at $0.00003275 with a trading volume of $1.61 billion over the past 24 hours.
Shiba Inu’s Journey: Peaks and Valleys
SHIB’s history is a rollercoaster ride. It reached its all-time high of $0.00008819 on October 28, 2021, while its lowest recorded price was $0.0000105637 on November 28, 2020. Since then, the lowest price it has touched is $0.000055821, while the highest price stands at $0.00004501.
Current Market Sentiment and Price Prediction
Currently, the sentiment surrounding SHIB’s price prediction is neutral. However, the Fear & Greed Index suggests “extreme greed” in the market. The circulating supply of SHIB tokens is currently 589.29 trillion, with a maximum supply of 589.74 trillion. The yearly supply inflation rate sits at 7.33%.
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Despite the fear-mongering, the SHIB community, particularly long-term holders, remain confident. The recent price increase has fueled excitement and may lead to buying decisions driven by “fear of missing out” (FOMO).
Positive Technical Indicators
Looking at technical indicators, SHIB is currently trading above its 200-day simple moving average, suggesting a potential continuation of the bullish trend. Additionally, over the past 30 days, SHIB has experienced 20 green days, indicating rising prices and strong investor interest.
SHIB’s Future: Room for Growth
SHIB’s strong performance, positive technical signs, and growing popularity suggest a bright future. With the upcoming Bitcoin halving event, experts predict SHIB to trade within a range of $0.00003166 to $0.000155, representing a significant potential for growth. Reaching the upper target of $0.000155 would translate to a remarkable 400% increase, marking a significant milestone for SHIB.