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Shiba Inu SHIB/USD , the meme cryptocurrency proclaimed as the Dogecoin DOGE/USD Killer, posted over 90% increase in value within the last 24 hours.
What Happened: This surge has propelled the meme cryptocurrency ahead of its peers, including Dogecoin, Pepe PEPE/USD , and BONK BONK/USD , as well as top cryptocurrencies Bitcoin and Ethereum.
Data from LunarCrush, a social analysis platform indicates a 51% boost in Shiba Inu-related chatter across social media platforms in a single day.
This growth has facilitated Shiba Inus re-entry into the ranks of the top 10 cryptocurrencies by market capitalization, reaching a valuation of $25 billion, closer to Dogecoins $27 billion market cap.
Shiba Inu made a splash in the crypto market by climbing to a price point of $0.00002 on Saturday, March 2, 2024. A glance at the weekly charts reveals what traders refer to as a God Candle a term for a skyrocketing price. Since February 29, SHIBs value has catapulted by 120%.
In the span of the last seven days, the gains for Shiba Inu totaled 289%, marking a return to price levels last seen in the early parts of May 2022.
See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals
Why It Matters: Despite the hype, warning signals are flashing for Shiba Inu investors. The Relative Strength Index (RSI), a tool used to measure the speed and change of price movements, currently registers at a high 98.36949660, data from TradingView shows. This figure exceeds the conventional overbought designation of 70, often indicating a potential for an upcoming decline or a massive price correction.
Moreover, additional technical indicators such as the Stochastic %K, Commodity Channel Index (CCI), and Williams Percent Range align with the RSIs suggestion, indicating that Shiba Inu may be poised for a sell-off, setting the stage for a market correction.
Price Action: At the time of writing, SHIB was trading at $0.0000444, up 90.15% in the last 24 hours, according to Benzinga Pro.
Read Next: Heres How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?Loading… Loading…
