Shiba Inu (SHIB) price, a well-known meme coin, has recently seen a notable increase. Currently, SHIB is on an upward trajectory amidst a wider market rally impacting various cryptocurrencies.
A recent update by Zaheer on X post revealed that the meme coin’s spot price has surged by 50% within two days. This surge is linked to Japan’s new Prime Minister, who shares the name “ISHIBA” with the digital coin.
Zaheer’s post advises caution and humorously warns against consulting ill-informed friends about price changes. Mixed reactions and beliefs often accompany such unexpected market trends.
The Shiba Inu price has surged by an impressive 43% over the past nine days, outperforming other cryptocurrencies and meme coins.
Market activity, including trading volume, circulation, and significant transactions, has reached a 10-week high, indicating heightened interest and speculation surrounding Shiba Inu’s future.
The SHIB price has shown a noticeable uptrend, with a 9.43% surge in the past 24 hours. Trading at $0.0000204, SHIB’s value has steadily increased throughout the day.
The recent uptick in SHIB price could spark increased buying interest. If it surpasses the $0.00002 mark, it may target higher levels at $0.000025 and $0.000027, potentially reaching $0.0003 by the end of September according to the SHIB price prediction.
The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators indicate strong buying pressure and a bullish trend.
A unique naming coincidence, along with bullish market indicators, has contributed to the recent price surge in Shiba Inu. However, a potential return of bears could see SHIB price hitting the support level of $0.00002.
The CoinGape article “ISHIBA Naming Coincidence Sends Shiba Inu Price Soaring 50% in 48 Hours” details this significant price increase.