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SHIB to the moon? Shiba Inu soars 10% in a week, breaks key resistance

SHIB to the moon? Shiba Inu soars 10% in a week, breaks key resistance

In February 2023, the price of Shiba Inu (SHIB) experienced an astonishing surge, propelling the meme coin to the highest point this year. Still, since then, the trajectory of SHIB’s price has predominantly been on a downward trend, punctuated by sporadic upward breakouts. 

last week, the meme coin saw another price slump, falling to a new low this year. However, in an unexpected turn of events, this price dip was followed by an impressive downtrend reversal, with SHIB’s price breaking above a key resistance level on Monday, June 19.

At press time, Shiba Inu’s price stands at $0.00000729, after the meme coin pierced through a vital resistance threshold at $0.000007. In the past 24 hours, SHIB gained around 1.5%. 

SHIB breaking through a key resistance level. Source: Twitter

On a weekly chart, SHIB gained more than 11%, marking a significant price rebound from $0.00000656, and adding nearly a $1 billion in market cap during that period.

SHIB 1-week price chart. Source: Finbold

Year-to-date, the meme coin still remains more than 9% in the red.

SHIB hits rank 1 in terms of social & market activity

Amid its impressive price leap, Shiba Inu reached a rank 1 position based on crypto social and market activity out of the top 4,481 coins tracked by the blockchain intelligence platform LunarCrush

SHIB’s social volume soared to 13,100, while the number of social engagements hit 193,858,991, according to 1-day data retrieved on June 18.

SHIB social and market activity data. Source: LunarCrush

Furthermore, 32.38% of investors who bought SHIB between $0.000006 and $0.000008 are now at a profit, or ‘in the money,’ while 66.54% are still at a loss, as per IntoTheBlock’s data

In and out of money data for SHIB holders. Source: IntoTheBlock

Following the remarkable breakout, over 1 trillion SHIB tokens have transitioned from being in the red to generating profits, demonstrating the magnitude of the rally experienced by the cryptocurrency.

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