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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Shiba Inu (SHIB) Price Skyrockets By 28%: 4 Key Reasons

Jake Simmons
Jake Simmons
1 year ago
3 mins read
Shiba Inu price

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The price of Shiba Inu (SHIB) has surged by 28% in the last 24 hours and 45% in the last seven days. Today’s surge can be attributed to a confluence of factors, including a rekindling meme coin frenzy, actions by crypto whales, a favorable chart setup, and significant partnerships and ecosystem expansions. Here’s an in-depth look at these pivotal elements fueling SHIB’s impressive rally.

#1 Meme Coin Frenzy

In the wake of yesterday’s significant Bitcoin surge, there’s seemingly a noticeable resurgence of interest in higher-risk investments within the crypto sphere. An examination of the most recent 24-hour performance data reveals that the top three performers among the top 100 cryptocurrencies, measured by market capitalization, are all meme coins.

Leading the pack is BONK with an impressive 52% gain, followed by Dogecoin with a 33% increase, and SHIB rounding out the trio with a 25% rise. This trend suggests that we may be on the cusp of another meme coin rally.

Meme coin frenzy
Top-3 gainers in the last 24 hours | Source: Coinmarketcap

Crypto analyst Rekt Capital has contributed to this narrative by sharing a chart depicting the total market capitalization of altcoins, excluding the top 10. His analysis, encapsulated by the remark, “ALTS Altcoin Market Cap is on the right track,” highlights a breakthrough past a significant resistance level. The market is now poised to target a $315.57 billion valuation, currently standing at approximately $272 billion.

$ALTS

Altcoin Market Cap is on the right track#BTC #Crypto #Bitcoin pic.twitter.com/wNJ7grLbFl

— Rekt Capital (@rektcapital) February 29, 2024

#2 Whale Movements

A notable development that has captured the crypto community’s attention is that a whale has made significant moves within the meme coin market, particularly with Shiba Inu (SHIB) and Pepe (PEPE). These transactions came to light through the analysis of Lookonchain, which detailed the whale’s manoeuvres on social media.

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According to Lookonchain’s insights, this unidentified investor transferred an eye-catching 1.97 trillion PEPE tokens, valued at around $6.07 million, to Binance. This strategic shift yielded a profit of $3.49 million, showcasing the investor’s adept timing and market navigation skills. Subsequently, capitalizing on this lucrative outcome, the whale pivoted towards Shiba Inu, withdrawing 75.9 billion SHIB tokens—equivalent to $893,000—from Binance mere hours later.

#3 Chart Setup

Another contributing factor might have been a bullish pattern for SHIB which emerged three weeks ago, foreshadowing a potential upturn in its market trajectory. Since mid-December 2023, SHIB’s price movement has been characterized by a descending parallel channel.

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A pivotal moment came on February 7, when SHIB broke free from this channel, surpassing the 200-day Exponential Moving Average (EMA) and subsequently breaching the 20- and 50-week EMAs. This development has set the stage for the current rally.

This breakout is of particular interest because it reflects a similar pattern observed in October 2023, when SHIB experienced a breakout from a descending channel, leading to an almost 80% increase in its value over the span of 59 days.

Should the SHIB market replicate this historical performance, the target might be set at the 0.786 Fibonacci retracement level, priced at $0.00001525. Achieving this would represent a significant rally of approximately 73%.

Shiba Inu price
SHIB price, 1-week chart | Source: SHIBUSD on TradingView.com

#4 Partnerships and Expanding Ecosystem

Yesterday, the SHIB team announced a partnership with Zama, a leader in Fully Homomorphic Encryption (FHE) technology. This collaboration aims to enhance the privacy and security features of the SHIB ecosystem.

Zama’s expertise in cryptography and FHE will enable SHIB to process data in its encrypted state, ensuring user privacy and data protection. This strategic alliance not only fortifies the ecosystem’s security but also showcases SHIB’s commitment to innovation and user trust.

Shiba Inu lead developer Shytoshi Kusama remarked:

Our latest partnership is a BIG one. Pay close attention to why Encryption and Privacy are important to the Shib Ecosystem and state!

SHIB has recently been very active in entering into new partnerships. Most recently, K9 Finance was accepted into the SHIB army.

Overall, the combination of resurging interest in meme coins, strategic investments by crypto whales, a favorable chart setup, and impactful partnerships have probably collectively fueled SHIB’s price surge.

Featured image created with DALLE, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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