Although the price of Shiba Inu continues to follow the Dogecoin trend, the asset’s gains are not being sustained.
The crypto actually registered a price boost of 10.3% in just 24 hours as it traded at $0.00001342.
According to the latest track from CoingeckoSHIB has entered a temporary price correction phase, with its intraday charts showing it down 3.3%. It is currently trading at $0.00001252.
However, Shiba inu still has a 22.3% rise over the past seven days. It also saw a 14% increase during the 30 days.
Notable is the fact that Dogecoin hit $0.15 for the first and only time since April.
The thesis was further strengthened by the fact that SHIB has been riding the momentum from the most popular altcoins in crypto today.
Shiba Tou Holds A Critical Position
While, SHIB’s ability to sustain price surges that are inspired by both Elon Musk and Dogecoin, some analysts believe that its recent There are upswingsThey aren’t just temporary bursts, but could also be considered to indicate bullish trends.
Shiba Inu’s head is above water because it keeps above $0.0000118.
If the stock is in a positive trend and can keep that pace, it may retest $0.0000184 resistance as it seeks to get to the $0.00002 mark.
As the ShibaInu has been performing exceptionally over the last few weeks, it may be possible to achieve this feat.
The price pump was not the only thing it had. It also helped increase its total market capitalization by $5.46 to $7.38 trillion.
Shiba Eternity: SHIB’s Saving Grace?
Dogecoin hopes that it will be accepted as a payment for services on Twitter, now owned by Elon Musk. This could trigger bullish run after more days. SHIB however is interested in Shiba EternityDo the same.
This free-to-play mobile trading card game aims to expand the Shiba Inu ecosystem. Increase utilityDemand and supply of the SHIB token.
The crypto’s greatest flaw is its lack of utility. It was created as a spinoff from Dogecoin, and the coin’s almost 100 trillion supply makes it extremely inflated.
Other efforts include raising the trading price of the asset. Massive fire. According to the latest information, more than 268,000,000 SHIBs have been destroyed (burned).
SHIB market capital at $6.49B on daily chart| Featured image from Bloomberg.com, Chart: TradingView.com Disclaimer: This analysis is the author's own understanding of crypto markets and shouldn't be taken as investment advice.