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.
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.
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.