The price of Shiba Inu (SHIB), a well-known meme coin, has recently seen a considerable increase, currently following an upward trend. This surge aligns with a broader market upswing affecting various cryptocurrencies.
Following the naming of Japan’s new Prime Minister, who shares the name “ISHIBA” with the digital coin, the meme coin’s value has surged by 50% over two days, as shared by Zaheer. In cautionary advice, Zaheer humorously warns against seeking advice on such price changes from uninformed friends due to the mixed reactions and beliefs that typically accompany unexpected market shifts.
Shiba Inu’s price has witnessed a notable 43% rise in just nine days, which is noteworthy compared to other cryptocurrencies and meme coins. Market activities like trading volume, circulation, and significant transactions have hit levels unseen in the past 10 weeks, with heightened interest and speculation about Shiba Inu evident in digital conversations.
In recent developments, the SHIB price increased by 9.43% in the last 24 hours, now trading at $0.0000204 according to CoinMarketCap. The price progression portrays a steady climb, with peaks observed throughout the trading day. With the price consolidating around $0.0000204 post-volatility, further increases could see SHIB targeting levels of $0.000025 and $0.000027. Market indicators like the RSI and MACD suggest strong buying pressure and a bullish pattern, respectively.
A fortuitous naming coincidence, alongside bullish market signals, has propelled the recent surge in Shiba Inu’s value. In case of a reversal, SHIB’s price might find support at $0.00002.