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SHIB spikes over 10% in 24 hours; Is Shiba Inu primed for a huge rally?

SHIB spikes over 10% in 24 hours; Is Shiba Inu primed for a huge rally?

Dog meme coins such as Dogecoin (DOGE) and Shiba Inu (SHIB) have witnessed enormous price gains both before and after Elon Musk completed the acquisition of Twitter (NYSE: TWTR) on October 28. 

Shiba Inu’s price has a history of rising alongside Dogecoin. This trend is expected to continue, at least in the short term barring any unforeseen developments in the market for meme coins. 

With DOGE’s price currently surging past $0.15 for the first time since April 2022, SHIB has followed suit and is now trading hands at $0.00001342, up 10.3% in the last 24 hours and a further 33% across the previous week, according to data retrieved by Finbold from CoinMarketCap.

Shiba Inu 1-day price chart. Source: CoinMarketCap

In the last week, SHIB has risen from $5.46 billion to $7.38 billion, an increase in its market capitalization just shy of $2 billion.

Shiba Inu 7-day market cap price chart. Source: CoinMarketCap

Shiba Eternity Players Guide

Many people believe that the price of Shiba Inu might significantly surge in the not-too-distant future since the creators of Shiba Inu have announced the official and exclusive launch of the Shiba Eternity Players Guide, released on November 2. The player’s guide for the collectable card game Shiba Eternity is part of the SHIB ecosystem.

SHIB presently ranked 13th in market capitalization, is getting set to break out of the long-term decline it has been in. Since the price of Shiba Inu has been maintaining its position slightly above a reliable support level for some time now, we may deduce that the recent upswing in SHIB was not an isolated incident.

SHIB remains above the $0.0000118 immediate support level, confirming the bullish premise. If the Shiba Inu price can sustain its bullish momentum, SHIB will likely see a price surge to test resistance again around $0.0000184.

Shiba Inu 1-day price chart immediate support level (blue). Source: TradingView

Dogecoin’s capacity to sustain the Musk-inspired gains remains to be seen, but, with the majority of other altcoins in the green, for the time being, SHIB is expected to continue its upward trajectory, at least in the short term.

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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