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Following the Pepe Coin and other meme coins surge, Shiba Inu has also stepped into profits. Just today, the Shiba Inu price had surged 18% earlier, bringing the value to a month-high of $0.00002931. Moreover, the position of SHIB in the crypto market has changed as its market cap surged to $17.27 Billion, making it the 10th biggest cryptocurrency, beating the Cardano in this list.
Though the Cardano price is catching up and can regain its spot, for now, it has become a good milestone for this dog meme coin.
Why Shiba Inu Price Is Surging Today?
Shiba Inu pump comes after the SEC’s approval of the Ethereum ETF just a few days ago. This approval has opened the price growth possibilities for Ethereum and the Ethereum-based coins, including SHIB.
In this, PEPE, FLOKI, NOT, and many had their share of gains, and now, Shiba Inu has also become part of the rally. SHIB’s price was moving slowly until yesterday when it caught up to the remaining meme coins.
Moreover, the dogecoin is also heading for a rally, creating a big hype around the dog meme coins, whose impact is also visible on Shiba Inu. With the increasing buying tendencies of the investors, SHIB has bagged this 18% gain.
Will The Surge Sustain or The SHIB’s Price Will Drop?
Shiba Inu price has finally moved above the 50-day moving average, opening the possibility of higher gains in the future. Based on the analyst prediction for altcoins rally in June and following the current bullish factors, SHIB is heading for a target of $0.00003.
The technical indicators, including a 35% increase in Open interest and a 169% interest in the trading volume, favor the bullish conditions for Shiba Inu. Analysts believe that if the daily Shiba Inu candle could close above $0.000029, the meme coin can soon witness a 50% surge, hitting the $0.000045 mark.
However, the Relative Strength Index (RSI) is close to the overbuying zone. If the meme coin enters the overbuying zone, the selling pressure might dominate over the cryptocurrency, causing momentarily losses.
Final Thought
The ongoing Shiba Inu price surge aims for a similar rally as of March 2024, where it rose to a high of $0.000035892. With the predictions based on current market conditions, the meme coin does have the potential to surge beyond March’s target.
Continue Reading Top Reasons Why PEPE Price Rally Might Flip Polygon (Matic) Soon?
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