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Shiba Inu Price Breaks Above $0.000033, Surges 38.2% in a Week
Shiba Inu’s price recently broke above $0.000033 on March 28, marking a 38.2% increase in the past week. Let’s take a closer look at the key factors contributing to this price breakout.
Shiba Inu Emerges as Second-Best Performing Memecoin
With a 6% gain in the last 24 hours, Shiba Inu (SHIB) has become the second-best performing asset among the top 50 ranked memecoins. This surge comes after weeks of consolidation following a peak of $0.000045 on March 5.
Market Demand Supports SHIB Price
Despite a 47.9% dip in price between March 5 and March 20, existing Shiba Inu holders showed resilience, preventing the price from falling below the critical $0.000029 level. The market momentum turned bullish again around March 20, leading to a continuous upward trajectory in SHIB’s price.
Bullish Catalysts Behind SHIB’s Momentum
New adoption rate metrics suggest that the ongoing rally in Shiba Inu is mainly driven by new entrants bringing in fresh capital. Data shows that 45.9% of all SHIB transactions on March 27 involved new wallets conducting their first transaction, surpassing the 30-day average of 40.3%.
Increased Social Media Mentions Fuel Price Action
A 63.5% surge in social media mentions in the last 24 hours indicates growing media buzz surrounding Shiba Inu. This uptick in social media activity is seen as a leading indicator of potential price movements, reflecting increased attention and sentiment within the community.
Shiba Inu Price Forecast
Based on rapid capital inflows from new users and increased social media traction, Shiba Inu’s price is on track to hit the $0.00004 mark and potentially close the month with gains exceeding 200%. However, to validate this forecast, SHIB’s bulls must overcome the sell-wall at the $0.000035 mark.
Conclusion
As Shiba Inu continues its upward trajectory, supported by new entrants and increased social media mentions, traders can anticipate further price gains in the days ahead. Keep an eye on key resistance levels and market indicators to make informed investment decisions in the volatile cryptocurrency market.
