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SHIB is breaking out; Time to buy Shiba Inu?

SHIB is breaking out; Time to buy Shiba Inu?

After more than a year, the cryptocurrency market appears to have finally shaken off the bearish trends of the “crypto winter.” In the second half of October, multiple cryptos started a decisive rally that has seen many reach heights not seen in a long time.

While major players like Bitcoin (BTC), which first rapidly rose above $35,000 and is hovering around $44,000 at the time of publication, or Ethereum (ETH) – itself above $2,200 for the first time since May 2022 – have been at the center of attention, many altcoins and meme coins have also joined the bull run.

Dogecoin (DOGE) and Floki Inu (FLOKI) have already entered a breakout, and on December 6, another major “dog coin,” Shiba Inu (SHIB), appears to have joined the surge, according to an X post by market analyst Jake Wujastyk based on analyzing trend lines tracking data dating back to the Terra (LUNA) collapse in May 2022.

Wujastyk has been closely following the recent developments – both on the crypto market and on the stock market – and has already also noted that other altcoins like DOGE and Solana (SOL) – another star of the current bull run – are decisively breaking out.

SHIB’s current trend is further corroborated by a notable spike in volume – particularly observable in the last 48 hours – that aligns with the dog token’s most recent and most significant price surge.

SHIB price analysis

SHIB’s recent performance is very much illustrative of the renewed investor confidence and even enthusiasm for the potential of cryptocurrencies. The token is up 10.12% in the last 24 hours and is worth $0.00001002 at the time of publication. 

In terms of market cap, Shiba Inu takes the 16th spot on December 6 and is 15th cryptocurrency when it comes to trading volume.

SHIB 1-day price chart. Source: Finbold

SHIB has also had a strong week and is up 20.88% in the last 7 days, and a rather strong month being 22.20% – though it has spent several weeks in the last 30 days trading mostly sideways. 

Despite its most recent performance and the apparent breakout, SHIB is currently up around 8% year-to-date (YTD) and has to climb significantly more to reclaim its yearly highs seen in February.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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