Shiba Inu (SHIB), a well-known meme coin, has recently seen a notable increase in its price, currently following an upward trend amidst a broader market rally impacting various cryptocurrencies.
An update from Zaheer on X post revealed that the meme coin’s spot price surged by 50% in just two days. The sudden rise is credited to the naming coincidence with Japan’s new Prime Minister, who shares the name “ISHIBA” with the digital coin.
Zaheer’s post comically advises against seeking advice from ill-informed friends regarding such market fluctuations, highlighting the varied reactions and beliefs that typically accompany unexpected trends.
Over the past nine days, the value of Shiba Inu has soared by an impressive 43%, a remarkable increase compared to other cryptocurrencies and meme coins. Market activity, including trading volume, circulation, and significant transactions, has reached levels unseen in the last 10 weeks, showcasing heightened interest and speculation surrounding Shiba Inu’s future.
The SHIB price has recently shown a significant uptick, with a 9.43% surge in the past 24 hours. According to CoinMarketCap data, SHIB is currently trading at $0.0000204. The price chart depicts a steady climb, with noticeable gains throughout the trading day.
If SHIB surpasses the $0.00002 milestone, it could target higher levels at $0.000025 and $0.000027. Bullish market indicators, including the RSI breaching overbought territory and the MACD signaling a bullish crossover, suggest strong buying pressure and a favorable trend. However, the SHIB price may face a support level at $0.00002 if bearish sentiment resurfaces.
The recent surge in the Shiba Inu coin’s price, driven by a unique naming coincidence and bolstered by bullish market indicators, could potentially lead to further gains, with a SHIB price prediction potentially reaching as high as $0.0003 by the end of September.