Shiba Inu is now the seventh most traded token, with $1.8 billion traded, in 24 hours

Rain lists Shiba Inu, causing SHIB to rebound 60% from recent lows

The deep declines in the cryptocurrency market are no obstacle for Shiba Inu investors and speculators. The dog’s coin is gaining significantly on Bitcoin’s beat and earning a name as one of the growth leaders in the short term.

High momentum

While the crypto market as a whole is recovering rather gently from recent losses, Shiba Inu seems to be experiencing its short-term bull market. This extremely popular meme coin gained 30.75% on its valuation on Tuesday, June 21. The value of the 24-hour range of motion was even higher, as it even exceeded 46%. The trading volume of $1.8 billion made the dog coin the seventh most traded coin among all cryptocurrencies. This is undoubtedly a success.

Capitalization spike

Such rapid increases in SHIB’s value have kept the coin from falling out of the top 20 coins with the highest market capitalization. Thus, at the time of this writing, it is ranked as the 14th most highly valued project, with a value of $5,662,249,972.

At one point, SHIB was the only one in the top spot to be trading in the green, while Bitcoin, Ether, or Dogecoin were clearly losing.

What is behind the rise of Shiba Inu?

The currently observed dynamic movements of SHIB are undoubtedly driven by the fundamentals, which have been gaining momentum recently. This makes investors wonder if Shiba Inu is still a meme coin or if it is growing into a serious project with a strong backing. If you want to learn more about SHIB, we encourage you to use the magnifying glass in the upper right corner of the screen and search for more articles on this very popular coin.

Another aspect that supports the growth is the strength of the community that is growing around SHIB. On more than one occasion, thanks to it, we have seen strong rallies that have driven Shiba Inu to unexpectedly high valuations.

Meanwhile, the chart…

We see that the valuation of Shiba Inu has reached the upper limit of the Bollinger Bands. The previously formed bearish RSI divergence has also deepened. MACD looks bullish and trading volumes remain at decent levels. In the face of such divergent information, it is difficult to make a clear prediction as to the further direction of movement. Expectations are that the short-term hype on SHIB may be cooling down, and its further fate will depend on the health of Bitcoin.

Disclaimer: Blockbulletin does not take accountability of investments based on the information of the website. We highly advice readers to make extensive research prior to any invest

Share this post

Share on facebook
Share on twitter
Share on linkedin
Share on pinterest
Share on print
Share on email

More News

All articles loaded
No more articles to load

Knowledge Base

Terra (LUNA)

What is Terra (LUNA)?

This time we take a look at another project that dived deep into the hearts of investors. What exactly is…

What is Avalanche (AVAX)?

Avalanche (AVAX) is a blockchain, which conquers the hearts of programmers and at the same time is a great bargain…

What is Sandbox (SAND)?

In this material, we take a look at one of the fastest growing spaces in the metaverse family. We are…
All articles loaded
No more articles to load

Analyses

All articles loaded
No more articles to load

Knowledge Base

What is Terra (LUNA)?

This time we take a look at another project that dived deep into the hearts of investors. What exactly is Terra (LUNA)? Blockchain Terra (LUNA)…

What is Avalanche (AVAX)?

Avalanche (AVAX) is a blockchain, which conquers the hearts of programmers and at the same time is a great bargain for investors. What distinguishes the…

What are stablecoins and how can you use them?

In recent years, cryptocurrencies are experiencing a real “boom”! And not just for cryptocurrencies – the rise in popularity applies to blockchain technology in general.…

What is Sandbox (SAND)?

In this material, we take a look at one of the fastest growing spaces in the metaverse family. We are talking about Sandbox and SAND…

What is Polygon (MATIC)?

Another coin worth looking at is Polygon (MATIC). It is especially liked by many investors. So what makes its popularity constantly growing? Support for Ethereum…

What is Shiba Inu (SHIB)

Shiba Inu (SHIB) is one of the most sought-after coins on the market. This is evidenced by its dynamic rallies and global interest. But does…
All articles loaded
No more articles to load