TL;DR
- Shiba Inu rose 300% in just one week.
- Musk’s tweet and the massive adoption caused the surge.
Shiba Inu (SHIB) has refused any downward movement and is crazily bullish this week. The heat has burned all the bears by rising from $0.00000765 to $0.00003498 in just five days. The coin has surged by more than 300% in the last week.
SHIB was launched as a decentralized meme token in August 2020 following Dogecoin (DOGE), but the recent movement seems that SHIB is going to take over the DOGE position soon.
SHIB recently revealed on Twitter that it has crossed the 700k holders’ mark and shared its joy among the community.
The price of SHIB on January 31 was $0.00000008. A $1,000 purchase lets you buy around 12,500,000,000 coins. You would have $437,500 as per today’s high at $0.000035, just by HODLing!!!
Shiba Inu recent spike, what factors contributed?
The recent Shiba Inu price spike is not dependent on one factor. The tweet by Elon Musk was just the spark. On September 25, NOWPayments announced that they have contributed to SHIB, and now, online and physical stores can accept SHIB payments.
SHIB has been immensely donated to Indian COVID fund relief which increased the coin’s popularity in the whole of Asia. SHIB came up with their own Shiba ecosystem, which includes SHIB, LEASH, and BONE. It also has ShibaSwap as its innovative reward system.
The bears started giving up when a whale on October 1 and 2 grabbed more than $6 trillion coins. The coin started climbing up, and the results were visible.
The coin has created a huge community on Twitter, achieving 1 million followers on Twitter, which clearly indicates its craze among investors.
SHIB price movement in the last 4 hours
After such a massive surge, the coin touched today’s high at around $0.000035 and started a short-term healthy reversal. We can expect the price around $0.000030 zone for the next couple of hours before the next upward rally.
RSI indicates huge selling pressure, which also caused a slow reversal pattern, but nonetheless, we can see further upward movement very soon. The high trading volume (up by 36%) suggests a massive bullish momentum.
The low price of SHIB and promising results let users hold millions of coins. The bulls have just arrived, and we expect a better position for the coin soon.
