- SHIB surged 10.45% in 24 hours, following a month-long bearish struggle.
- Shiboshi– NFT project sees an 86% volume surge, 55% floor price rise.
Anticipation is building as the launch of Shibarium, a Shiba-based blockchain project, draws near. It is set to unfold in the coming week and has sparked excitement and speculation among both investors and the community.
Contributing to this buzz, SHIB, the second-largest meme coin, has surged by 10.45% within a mere 24 hours. Over the past month, it has demonstrated an increase of 27.44%. This bullish sentiment follows a month-long struggle against bearish pressures. Furthermore, the trading volume has surged by 85.99%.
Also, Shytoshi Kusama, co-founder of Shiba Inu, is scheduled to participate in key industry events in Toronto. This has fueled additional speculation, particularly considering the recent pause in the Shibarium testnet, known as “PuppyNet.”
In addition, the Shiboshis NFT project has garnered attention with an 86% surge in volume, a 77% increase in sales, and a notable 55% rise in the floor price. And recent data highlights an 2,210% surge in funds flowing from large holders into SHIB over the past week, highlighting shifting dynamics in the market.
Will the SHIB Bull Reign Last ?
A closer look at the daily price chart reveals a temporary dip above the short-term 50-day simple moving average (50 SMA). Possible resistance levels stand at $0.00000908 and $0.00001280, while support levels could come into play at $0.00000774, $0.00000708, and $0.00000642.
SHIB Price Chart, Source : TradingView
Technical indicators, including a daily relative strength index (RSI), near 67. It signals the overbought situation of the asset.
In summary, the Shiba Inu ecosystem is riding a wave of optimism as the Shibarium launch approaches and positive indicators abound.
