{"id":16553,"date":"2024-10-30T08:33:50","date_gmt":"2024-10-30T08:33:50","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=16553"},"modified":"2024-10-30T08:33:50","modified_gmt":"2024-10-30T08:33:50","slug":"why-is-the-shiba-inu-shib-price-up-today-2","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=16553","title":{"rendered":"Why Is the Shiba Inu (SHIB) Price Up Today?"},"content":{"rendered":"

TL;DR<\/strong><\/p>\n

Shiba Inu showed strong performance in line with the crypto market\u2019s bullish trend.<\/span>
\nIncreased SHIB burns and Shibarium transactions signal ecosystem growth, though RSI above 70 suggests a possible short-term pullback.<\/p>\n

<\/a><\/h2>\n

SHIB Heads North<\/span><\/h2>\n

The second-largest meme coin in <\/span>terms of<\/span> market cap experienced a substantial resurgence in the past 24 hours, with its price tapping a one-month high of $0.00001957. In the following hours, it erased some <\/span>of the<\/span> gains, dropping to the current $0.0000189 (per CoinGecko\u2019s data). <\/span>However, it remains well in the green <\/span>on a daily and weekly scale<\/span>.<\/span>\u00a0<\/span><\/p>\n

<\/a>SHIB Price, Source: CoinGecko<\/p>\n

Its impressive performance coincides with the reigning bullish environment in the cryptocurrency sector. Several hours ago, bitcoin\u2019s (BTC) price <\/span>exploded<\/span><\/a> to $73,600 (just $150 away from <\/span>hitting<\/span> a new all-time high). <\/span>As of the moment<\/span>, it trades at around $72,400, representing an 8% weekly increase.<\/span><\/p>\n

Shiba Inu\u2019s burning mechanism is worth mentioning, too. Over the past 24 hours, the burn rate <\/span>skyrocketed<\/span><\/a> by 450%, resulting in approximately 52 million tokens sent to a null address. The program\u2019s ultimate goal is to decrease the circulating supply of SHIB, potentially driving its valuation up (assuming demand stays the same or rises).\u00a0<\/span><\/p>\n

Last but not least, we will touch upon Shiba Inu\u2019s layer-2 scaling solution \u2013 Shibarium. Daily transactions on the network have soared by 13,500% in <\/span>the span of<\/span> 24 hours, suggesting increased user engagement.\u00a0<\/span><\/p>\n

Shibarium officially saw the light of day last August, aimed at fostering the development of the meme coin\u2019s ecosystem. Those willing to check some of the latest upgrades involving the protocol can read our article <\/span>here<\/span><\/a>. For more updates on the ecosystem, check out our\u00a0<\/span>Shibarium news page<\/span><\/a>.<\/span><\/p>\n

Something for the Bears<\/span><\/h2>\n

Despite the overall bullish conditions mentioned above, one metric indicates a potential retreat for SHIB\u2019s value in the short run.<\/span><\/p>\n

This<\/span> is<\/span> the Relative Strength Index (RSI)<\/span>, which<\/span> measures the speed and change of price movements.<\/span> The momentum oscillator varies from 0 to 100 as a ratio above 70 signals the asset could be overbought and poised for a correction. On the other hand, readings below 30 might <\/span>be interpreted<\/span> as a buying opportunity.<\/span><\/p>\n

Currently, the index is <\/span>hovering<\/span><\/a> at the bearish level of 70.<\/span><\/p>\n

The post Why Is the Shiba Inu (SHIB) Price Up Today?<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

TL;DR Shiba Inu showed strong performance in line with the crypto market\u2019s bullish trend. Increased SHIB burns and Shibarium transactions signal ecosystem growth, though RSI above 70 suggests a possible short-term pullback. SHIB Heads North The second-largest meme coin in terms of market cap experienced a substantial resurgence in the past 24 hours, with its […]<\/p>\n","protected":false},"author":0,"featured_media":9562,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-16553","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/16553"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=16553"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/16553\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/9562"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=16553"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=16553"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=16553"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}