Shiba Inu surpasses Dogecoin in this metric; Understand

The meme cryptocurrency Shiba Inu (SHIB) has been attracting attention in the market amid its impressive rise in the last month, standing out in the current bull rally in the market.

It is worth noting that, in recent days, SHIB has experienced a very significant price increase, driven by several factors, including the efforts of its community in an attempt to reduce its supply in circulation through the burning of tokens. However, memecoin showed a price pullback on March 12.

Given recent movements, Shiba Inu’s accumulated daily volume was around the US$600 million mark. As a result, SHIB showed growth of 200% when comparing the numbers recorded on March 11, according to data from IntoTheBlock.

However, in comparison, the biggest meme cryptocurrency on the market, Dogecoin (DOGE) saw an increase of approximately 92%.

At the time of publication, the Shiba Inu price was quoted at US$0.00003282, down 2.5% in the last 24 hours. During this period, the cryptocurrency recorded a trading volume of US$1,748,942,146. Amidst the growth experienced in recent weeks, the Shiba Inu token has seen a significant drop of 22.8% in the last seven days. In one month, the cryptocurrency soared 240.5%.

SHIB Token Could Trigger a 40% Bullish Breakout

Meme cryptocurrency SHIB could trigger a 40% bullish breakout if it manages to confirm crucial resistance, according to a recent analysis. Cryptocurrency analyst Ali Martinez noted that Shiba Inu could enter an upward path with a potential 40% rally, which would push SHIB price towards the $0.000052 level.

“ShibaInu forms a symmetrical triangle on the 4-hour chart. A sustained close above the $0.000038 resistance could trigger a 40% upside breakout, pushing $SHIB towards $0.000052. Be careful with $0.000033 as loss of this support level will invalidate the bullish outlook,” he noted.

Disclaimer:

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.