• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
Breaking News: How Uniswap Was Deployed On The Binance Smart Chain
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: How Uniswap Was Deployed On The Binance Smart Chain
Shiba Inu SHIB

Shiba Inu Price Jumps By 21%, Here’s Why

Jake Simmons by Jake Simmons
2 months ago
in Shiba Inu
Reading Time: 2 mins read
Advertisement

While the broader crypto market has been trending sideways in the past 24 hours following its stellar rally over the past two weeks, Shiba Inu (SHIB) is bucking the trend, posting a whopping 21% price. The trading volume of the meme coin has exploded by 150% to $810 million within the last 24 hours.

A look at the 1-day chart reveals that the Shiba Inu price approached the lower end of the key resistance zone at $0.000013, but was rejected initially. At press time, SHIB was trading at $0.00001254, reaching the early November highs.

To trigger a sustained bullish breakout on the daily chart, SHIB needs to break above the $0.000014 level. For now, however, a corrective move – either by time or price – seems more likely as the RSI is in overbought territory at 86.7.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!
Shiba Inu price SHIB USD
1-day chart | Source: SHIBUSD on TradingView.com

The 1-week chart shows that SHIB managed to break out of a one-year downtrend when the price broke the falling trendline to the upside last week. With the setup in the daily chart, a retest of this trendline might be possible to build further bullish momentum afterward.

Shiba Inu price SHIB USD
weekly chart | Source: SHIBUSD on TradingView.com

Reasons For The Shiba Inu Price Rally

The jump in the price of Shiba Inu (SHIB) comes after Korean crypto exchange UpBit announced that it has listed the popular meme token. According to the announcement, South Koreans can now buy Shiba Inu directly with the Korean won.

Upbit was the 22nd largest crypto exchange by spot trading volume within the last 24 hours. Also yesterday, SHIB was also listed on Cointree, an exchange that is even smaller by trading volume.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Related Reading: Shiba Inu Devs Set To Unveil Shibarium L2 Network Beta

Therefore, a more likely reason for the pump could rather be the launch of the layer 2 scaling solution Shibarium. As recently as Monday, the developers published a new blog post promising an approaching launch in a couple of weeks.

Shibarium could be a massive bullish catalyst for Shiba Inu. With a market cap of $6.8 billion, it will be the second largest layer 2 solution, while bringing a lot of value to the ecosystem with its own DEXs, NFTs, metaverse, and stablecoin.

Recently, the BONE token already caused a buzz with massive volatility. BONE is the governance token for ShibaSwap, a decentralized exchange that launched in July 2021. It is also interesting to note that BONE will be used to pay for gas, while SHIB will be burned with the basic gas fee.

Related Reading: Whale Moves Huge Amount Of Shiba Inu Tokens As SHIB Unveils To Metaverse

In addition, Shiba Inu will introduce a new reward token – TREAT. Many details are not yet known, however, it will probably be used in ShibaSwap, Shiba metaverse, the Collectible Card Game, and as a reward for validators.

Finally, the Shiba Inu metaverse is scheduled for release in 2023. Here, the tokens of the Shib ecosystem will meet and 100,595 land plots will be for sale (similar to The Sandbox multiverse).

Featured image from Ferhat Deniz / Unsplash, Charts from TradingView.com
Tags: BONESHIBShiba InuShibariumShibaSwap
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Jake Simmons

Jake Simmons

Related Posts

Shiba Inu SHIB

Voyager Continues Shiba Inu Sales, SHIB Facing New Price Slump?

1 day ago
Shiba Inu Continues to Reduce Token Supply, Removes 490M SHIB in One Day

Shiba Inu Continues To Reduce Token Supply, Removes 490 Million SHIB In One Day

5 days ago
Shiba Inu Outpaces Dogecoin With 23% Price Increase in 2023

Shiba Inu Outpaces Dogecoin With 23% Price Increase In 2023

6 days ago
BONE spikes 14%

BONE Surges 14% As Shibarium Set To Launch This Week

1 week ago
Shiba Inu (SHIB)

Shiba Inu Continues Downtrend Despite 170 Million SHIB Burned In A Week

1 week ago
Shiba Inu

Shiba Inu Price At Pivotal Point, Only 352 Million SHIB Burned In February

2 weeks ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
Coinplay

Coinplay

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
Coinplay

Coinplay

Review · Visit

Circle Launching USDC Blockchain on Cosmos (ATOM) – Avorak AI Skyrockets 75% Into Phase Two

March 16, 2023

Gridex Protocol’s Native Token, GDX, Surges by Over 422% in 24 Hours After Listing on D5 Exchange

March 16, 2023

5 Best New Cryptocurrencies March 2023

March 16, 2023

The Sandbox (SAND) Announces New Partnership, Orbeon Protocol (ORBN) Presale Price Surges And HEX (HEX) Shows Green

March 16, 2023

Cryptocurrencies Price Prediction: Solana (SOL), Aptos (APT) & TMS Network (TMSN)

March 16, 2023

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games
  • Free Spins
  • Play Finance

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.