Shiba Inu token recorded another big price spike showing a +58% increase, but some factors show that investors should be careful. The charts show that hype around the SHIB coin has been high, and a big correction may happen soon.
Meme coins like SHIB strongly rely on community hypes, but new investors should be careful about them because of possible sell-outs that result in corrections. Santiment tweeted about the latest price rise and suggested investors be careful about corrections.
Being Careful About Meme Coins
The SHIB token is one of the high-profile coins in 2021. This token started as a meme coin that didn’t have that much potential. It used the concept of the famous Dogecoin for introduction but has more to offer. Many tokens in the platforms and DEX (ShibaSwap) are some of the offerings that Shiba relies on as advantages.
The coin experienced considerable interest from investors and broke many records in the first weeks of trade. Many experts still believe that investors should not rely on these kinds of tokens because there may be pumps and dumps in their market. But many others have bought the token and made big profits.
Shiba Inu is still on the headlines, and the coin shows good capabilities even after big corrections of the first months. After the platform launched the DEX and related services, there were more hypes and price raises. But the SHIB token again experienced corrections that resulted in big losses for some investors. Now, a repeated pattern is visible in Shiba Inu charts that investors should be careful about them. After a big +58% jump, there may be corrections ahead. Santiment tweeted about these patterns:
“#ShibaInu has been on a tear on a busy Monday, jumping +58% in the past 24 hours. These highlighted arrows indicate moments when crowd hype is becoming a factor, and corrections that typically follow. Trade carefully!”
As the tweet says, the recent jump may be the result of another community hype around the token. Maybe new buyers are coming to the ecosystem, but big sell-offs may happen soon. These incidents have happened in the past and may happen again. Crowd hype is the word that Santiment uses for the current situation of the SHIB token.
It means there is hype around this token from many buyers. It has resulted in a jump, but many old holders may start to sell their tokens that result in corrections. Anyway, patterns often don’t lie in the trading systems. New investors should be careful about them, especially in trading meme coins like SHIB.
Shiba Inu to the Moon: SHIB Records New Groundbreaking Feat
- Shiba Inu reaches a new all-time high.
- SHIB is ready to join the league to the top 10 cryptos.
- SHIB rose by 47.2% and trades at $0.00004157 in the 24 hours.
Shiba Inu is gradually taking the center stage among other memecoins. The speculations, media, and buzz surrounding crypto is adding to its surge. Just when we thought the meme coin wouldn’t survive like Dogecoin (DOGE), it keeps exceeding lots of investors’ expectations. At the time of writing, the Shiba Inu (SHIB) gained over a 47.2% increase and trades at $0.00004157 in the 24 hours.
Of note, the bullish position of the coin attests to its popularity and its subsequent move to break new heights. At the moment, Shiba Inu is surging in the crypto market, thus, rising tremendously. Likewise, a week-long media bustle around the memecoin sees it jump from $0.00002796 to a new all-time high.
All around, it is exciting in the crypto space as Bitcoin and altcoins are hitting new ATHs and deflecting negative tales voiced by some crypto critics. Though, some memecoins are gaining more traction and even pushing some of these major cryptos off the cliff.
The crypto world is emerging, evolving, and moving toward being not just crypto but also a currency that the entire world will embrace soon. The last couple of days have been well off for Siba Inu. Furthermore, Elon Musk’s recent tweet of a text art image of a pup with a rocket ship triggered a rise in Shiba Inu’s price. As much as the image didn’t indicate he was talking about Shiba Inu, still, SHIB’s price went up 21%.
Not to mention, SHIB is truly living up to its nickname as the “Dogecoin Killer.” Most of all, Shiba Inu has garnered lots of attention since its debut in August 2020 and has incurred more than 5,130,000% with a circulating supply of more than 498 trillion. So far, a good number of crypto exchanges now allow users to buy and trade the 11th largest crypto according to Coingecko.
For good measure, the team behind Shiba Inu launched a decentralized exchange ShibaSwap in July 2021. For this reason, some attribute the current status of SHIB to the foregoing. Distinctly, Shiba Inu’s team continues to build more use cases for SHIB. An initiative that aims to sustain its longevity, and value, and dispel crypto analysts’ claims about memecoins.
Equally, the hype around Shiba Inu is not stopping at any moment. This is because it successfully captured the minds of prominent crypto enthusiasts, celebrities alike. Alongside this, its tight-knitted community, adoption as a form of payment, and the entire team of Shiba Inu working round the clock to make the crypto more valuable will make the crypto much likely to survive.
Even more, Shiba Inu needs no introduction again as the crypto keeps making a name for itself. Thus, moving away from the shadow of Dogecoin and in motion to join the top 10 cryptocurrencies. According to Coingecko, SHIB stands at the 11th position, swiftly marching to get to Dogecoin (DOGE) which stands at the 9th position.
Shiba-Inu is Oscillating Within a Continuation Pattern, Where Will SHIB Price Head Next?
People swapped their Dogecoin for Shiba Inu coins, bringing the Shiba Inu cryptocurrency coin to over 1 million new traders this week. However, the Shiba Inu price appears to be oscillating within a continuation pattern, with SHIB lacking directional clarity following a drop in trading volume.
Apart from a few Altcoins, the bigger cryptocurrency market continued to retest. With a 2.85 percent slump, Bitcoin fell back under $60,000, comparable to Ethereum, trading just above the $4000 level. Ripple fell to $1.09, while Cardano remained stable at $2.15. For the second day in a row, Solana proved to be the market’s greatest winner and is trading at $201 at the time of writing.
Shiba-Inu Price Analysis:
On Friday, Shiba Inu Coin increased by 1.60 percent. The altcoin bearish start to the day, falling to an intraday low of $0.00002703 in the early morning before making a rise.
To bring the 23.6 percent FIB of $0.0000283 and the first significant resistance level at $0.0000286 into action, Shiba Inu Coin would have to avoid a fall through the pivot at $0.0000278.
However, for Shiba Inu Coin to break out of the 23.6 percent FIB, it will need support from the larger market.
Unless there is a sustained crypto rally, the first significant resistance level and Friday’s high of $0.0000285 are likely to be the upper limit.
Before any pullback, Shiba Inu Coin might attempt resistance at $0.000030 levels in the event of another breakout. $0.0000293 is the second significant resistance level.
If the price falls through the pivot at $0.0000278, the first major support level at $0.0000271 will be tested.
Shiba Inu (SHIB) Hits New All-Time High, Becomes Most Traded Cryptocurrency on Coinbase
Shiba Inu has soared more than 40% within two days, logging a new all-time high
Shiba Inu, one of the most popular meme tokens, has just logged a new all-time high for the first time since May 11, according to data provided by cryptocurrency ranking website CoinGecko.
The Shiba Inu coin hit a new lifetime peak of $0.00003940 after its price jumped 42% within just two days.
Dogecoin, on the other hand, is still down a staggering 65% from its May 8 peak.
CoinMarketCap data shows that Shiba Inu has become the most-traded cryptocurrency on Coinbase. It is worth noting that Shiba Inu recorded $1.078 million in daily trading volume on America’s largest exchange, which is more than Ether, Bitcoin, and Solana combined.
With a market cap of $15.4 billion, Shiba Inu is currently the 13th biggest cryptocurrency. It is inching closer to flipping Dogecoin, which remains in 9th place with a market cap of $32.7 billion.
Robinhood rumors are fueling the rally
Shiba Inu is soaring higher amid persistent rumors about online brokerage giant Robinhood readying to list the token.
As reported by U.Today, CEO Vladimir Tenev awkwardly dodged a question about whether or not the company had such a listing in the pipeline during his interview with CNBC’s Jim Cramer earlier this week.
Robinhood rival Public.com added support for the cryptocurrency on Sept. 20 to the great delight of SHIBArmy.