Shiba Inu (SHIB) Price at Major Crossroads, Can it Initiate a Fresh Bull Run Again?
The post Shiba Inu (SHIB) Price at Major Crossroads, Can it Initiate a Fresh Bull Run Again? appeared first on Coinpedia Fintech News
The second largest meme coin by market capitalization, Shiba Inu (SHIB), has gained approximately 24 percent in the past two weeks. Although a mini pump, market strategists are arguing whether the meme coin will initiate a fresh bull rally in the near future. Furthermore, meme coins have gained popularity for their speculation purposes by global investors.
In the past 24 hours, Shiba Inu has gained approximately 5 percent to exchange the hands of 1,235,364 hodlers at $ 0.000012304. Additionally, Shiba Inu’s trading volume has spiked 233 percent in the past seven days to $ 622 million.
The spike in the last few weeks on the Shiba Inu’s ecosystem is partially attributed to Dogecoin’s speculation on integration with Twitter by Elon Musk. Moreover, the entire cryptocurrency market has recorded a slight bump in the past week.
Shiba Inu Price on a Financial Scope
The Shiba Inu price has consolidated at its current level since mid-May. Consequently, the coin has formed strong support and resistance at the same range. Nonetheless, Shiba Inu may have ended a multi-week downward trend, hence the bullish call in the past few weeks.
At current prices, all eyes are on the daily derivatives chart to observe if the Shiba Inu price will close any day above the 200MA. Should the asset close above the 200MA, then a bullish thesis will be on the cards. However, should the asset continue trading below the 200MA, fears of a possible dip will sustain in the coming months.
Furthermore, JPMorgan analysts and Coinbase financial statements unanimously agree that the current crypto market weakness will sustain in the coming months.
“The current weakness in crypto markets is likely to persist if this trend continues, as it demonstrates a reluctance by VC funds to commit resources to the digital-asset area,” JPMorgan’s analysts noted.
The Shiba Inu ecosystem has majorly thrived due to its vibrant online community. According to the company’s official website, the Shiba Inu online community has over 585k members. As such, the developers have been able to build several utility-based applications on Shiba Inu, including ShibaSwap and Shiba Incubator.
Shiba Inu has a market capitalisation of $ 7.4 billion and is projected to trade at around $ 0.00002881, 2.29X, with Dogecoin’s market capitalisation. The token is down approximately 86 percent from its ATH achieved last year.
As crypto regulations evolve globally, it is unclear where most regulators will place meme coins. As such, speculative investors are left to play with meme coins at each other’s expense.
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