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Shiba Inu Coin Soars Signaling SHIB Price Rally To $0.00002

Shiba Inu coin gains over 2% today, with recent market trends and derivatives indicators signals that SHIB price could further rally to $0.00002 soon.
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Shiba Inu Coin Soars Signaling SHIB Price Rally To $0.00002

Highlights

  • Shiba Inu Coin jumps more than 2% today, sparking market optimism.
  • The recent market trends and other key factors signals at a further rally for SHIB price.
  • Shiba Inu's LUCIE said that the Shiba Inu ecosystem coins knows how to witness a 800-1000% rally in a week.

The Shiba Inu Coin price surged more than 2% today, after a volatile trading on the prior day. Meanwhile, the jump in SHIB price comes amid a recovery in the broader crypto market as well as in the meme coins segment. Notably, alongside SHIB, meme coins like Dogecoin, PEPE, WIF, and others have also noted significant gains today.

However, amid this, several market trends and derivatives data indicate a potential surge for SHIB to $0.00002.

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Shiba Inu Price Soars Sparking Speculations

The recent jump in Shiba Inu has left many investors looking for potential reasons behind the surge. However, it appears the broader market trends and positive sentiment in the market have played a key role in boosting the SHIB price.

For context, the overall crypto market cap was up 1.39% today to $2.28 trillion, while the meme coins segment rose 3.27% to a market cap of $48.45 billion. The trading volume for the overall meme coins sector was also up 26% to $4.42 billion, indicating growing investors’ activity in the segment.

In addition, the recent spike in Shiba Inu burn rate might have also fueled investors’ optimism towards the crypto. Although the SHIB burn activity cools today, the Shiba Inu community has destroyed nearly 70 million coins from the supply over the past seven days.

The burning mechanism usually helps drive the prices higher by reducing the overall supply from the market. Meanwhile, the latest comments from the Shiba Inu community also seem to have acted as a catalyst for the recent rally.

In a recent update, Shiba Inu lead developer Shytoshi Kusama lauded the upcoming launch of its Web3 version of the popular game Shiba Eternity. Kusama said that the revenue generated from the game would be utilized in enhancing the Shiba Inu and LEASH burning mechanism.

Also Read: Robert Kiyosaki Labels Bitcoin ETF ‘Fake’, Here’s Why

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Price To Hit $0.00002?

Shiba Inu marketing lead LUCIE has sparked optimism in the market with a recent X post. In a social media post, LUCIE claimed that the bull run will continue till the end of “2025/2026”. Besides, LUCIE said that the Shiba Inu ecosystem tokens, including LEASH, BONE, and SHIB, know how to rally 800-1000% in just a week.

Given the recent rally of Shiba Inu toward its resistance of $0.000018, investors are optimistic about a further rally. Having said that, the current market trends and derivatives data indicate that if the SHIB hits $0.000018, then it could continue to rally to a key resistance level of $0.00002.

For context, the Shiba Inu Relative Strength Index (RSI) currently stood at 32, indicating an oversold condition for the crypto. Notably, the oversold state usually provides a buying opportunity for investors at lower prices.

Shiba Inu Price Chart

On the other hand, the Shiba Inu Open Interest was up nearly 4% today to $33.73 million, indicating strong market interest in the meme coin. Meanwhile, Shiba Inu price rose 2.04% and traded at $0.00001732, with its trading volume rising 22% to $233.22 million. Notably, the token has touched a high of $0.00001768 in the last 24 hours.

Also Read: Bitcoin (BTC) Price Poised to Breakout From June Downtrend, Key Levels to Watch

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam's expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news. Rupam's career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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