Shiba Inu (SHIB) has recently seen a remarkable surge in its price, experiencing an 8.32% increase in the last 24 hours alone. Let’s dive into the factors driving this surge, analyze the current price activity, and explore predictions for SHIB’s future.
Aspect
Details
Price Increase
Shiba Inu (SHIB) experienced an astounding 83.16% gain in just one day, reaching US$0.000038.
Factors Driving the Surge
Popular among meme coins, increased market purchasing inclination, Rune Christensen’s significant SHIB purchase, and the release of Shib Name Service (SNS) 1.1 contributed to SHIB’s surge.
Price Analysis
SHIB traded within Bollinger Bands, RSI suggested strong purchasing pressure, and MACD indicated bullish momentum.
Price Predictions
Changelly predicts SHIB to be worth around US$0.000025 per token by 2025, while Bitnation estimates a maximum price of US$0.0001204 by 2030. Coincodex forecasts a potential high of US$0.000131 for SHIB in 2025.
Factors Driving SHIB’s Price Increase
1. Popularity Among Meme Coins
Shiba Inu is the second most popular meme coin after Dogecoin, earning the nickname “Dog-Killer.” Its popularity, along with other meme coins like Dogecoin, Bonk, and Floki Inu, has contributed to a positive market sentiment for meme currencies, including SHIB.
2. Increased Market Purchasing Inclination
Renowned figures in the crypto community, such as Rune Christensen, the creator of MakerDAO, have been observed purchasing significant amounts of SHIB. For instance, Christensen’s purchase of 7.41 billion SHIB worth US$100,000 USDC on March 1st led to a 60% price jump. Subsequent purchases further fueled SHIB’s price increase.
3. Release of Shib Name Service (SNS) 1.1
The release of Shib Name Service (SNS) 1.1 has also contributed to SHIB’s surges. This version enables users to receive customized tokens and personalize their web3 identification with gamertags and numbers. It marks a significant step towards incorporating Self Sovereign Identification (SSI) into Shiba’s initiatives, with SHIB Identity’s first phase scheduled for November 1, 2024.
Shiba Inu Price Analysis
Bollinger Bands
SHIB has traded within the Bollinger Bands, indicating volatility and trend direction. The upper and lower bands serve as dynamic support and resistance levels, respectively, while the center band represents a 20-day simple moving average.
Relative Strength Index (RSI)
The RSI, a momentum indicator, suggests strong purchasing pressure for SHIB. However, values exceeding 70 indicate overbought conditions, signaling a potential correction or consolidation in the near future.
Moving Average Convergence Divergence (MACD)
The MACD, a trend-following indicator, illustrates the relationship between the price’s two moving averages. A positive MACD histogram suggests bullish momentum for SHIB.
Shiba Inu Price Prediction
Changelly Prediction for 2025
Changelly predicts that by the end of 2025, SHIB will be worth around US$0.000025 per token, with an average trade price of approximately US$0.000026.
Bitnation Prediction for 2030
Bitnation estimates that by 2030, SHIB will achieve its promised utility and acceptance, with a maximum price projection of US$0.0001204 and a minimum of US$0.00008362.
Coincodex Prediction for 2025
Coincodex forecasts a potential high of US$0.000131 for SHIB in 2025, considering factors such as internet expansion and mobile usage.
Conclusion
Shiba Inu’s recent surge in price reflects its growing popularity and utility within the crypto community. With continued development and adoption, SHIB holds the potential for further growth and innovation in the future.
