Santiment, a well-known Crypto analytical platform, recently highlighted the performance of various altcoins. While many mid and small caps are struggling to gain traction on a weekly basis, there’s a notable exception: Shiba Inu.
The famous meme coin has caught the attention of many traders, primarily because it stands out as one of the few cryptocurrencies showing positive momentum. Specifically, $SHIB has seen a significant increase of +19%, accompanied by a surge in social volume.
In addition to this, Bitpeaks, a renowned technical analyst, provided some valuable insights into the current market dynamics of Shiba Inu. According to Bitpeaks, the bids for $SHIB are 83% of the asks ($2,361,811 : $2,838,789). This indicates a strong resistance level, suggesting an optimal selling point at 0.00000998. For those interested in further details and other assets with a high bid-to-ask ratio, Bitpeaks offers more information on their platform.
The recent price surge of Shiba Inu is closely linked to the anticipation surrounding the launch of Shibarium. Shibarium is the SHIB ecosystem’s most awaited project, and many believe it will significantly boost Shiba Inu’s price. This layer-2 scaling solution has garnered increased expectations, with many in the community eagerly awaiting its impact on the market.
Furthermore, the Shiba Inu community is buzzing with excitement as the launch of Shibarium draws near. This layer-2 scaling solution is expected to bring about significant changes and improvements to the ecosystem.
At the time of a recent analysis, SHIB was trading at $0.0000108, having risen by more than 20%
over the past week and 3% in the last 24 hours.
In conclusion, the Shiba Inu cryptocurrency is experiencing a wave of positive momentum, driven by both market dynamics and the highly anticipated launch of Shibarium. As always, potential investors should conduct their own research and consult with financial advisors before making investment decisions.
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