Shiba Inu (SHIB) has shown remarkable market dominance by outperforming other meme coins like Dogecoin (DOGE), Pepe (PEPE), and Bonk (BONK) with a 55% price surge in just 24 hours. This surge pushed SHIB’s price to $0.00002001, accompanied by a significant increase in trading volume exceeding $4 billion. This surge in price indicates a growing demand for SHIB, surpassing previous leaders in the meme coin category.
The rise of SHIB was triggered by a breakout from a stagnant price movement, surpassing a crucial resistance level at $0.00001345. The bullish momentum, shown by consecutive positive candlesticks on the 4-hour chart, suggests a combination of investor enthusiasm and market volatility propelling SHIB to new heights. On-chain analytics, particularly from Santiment, show a substantial influx of capital into the SHIB ecosystem and an increase in social dominance, indicating a strong and expanding market interest.
Despite concerns about a possible peak, SHIB’s price trajectory remains strong, with technical indicators like the Moving Average Convergence Divergence (MACD) and the Bollinger Bands (BB) indicating sustained buying pressure and increased volatility. Although the BB suggests SHIB may be overbought, the price continues to climb, possibly aiming for the $0.000030 milestone.