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Shiba Inu on Move Again Following Recent Correction
Shiba Inu is one of the leading meme coins in the world and has recorded massive profits since the start of the year. It is designed to compete with Dogecoin and eventually become the number one meme coin in the world.
SHIB rallied a few weeks ago, rising by more than 500% over the past few months. The rally took SHIB to the $0.00008 level during that period. As a result, its market cap reached $35 billion, surpassing Dogecoin and other cryptocurrencies in the market ranking.
However, since then, SHIB has retraced, losing more than 20% of its value and falling out of the top ten list by market cap. Shiba Inu has started to recover some of the losses and has been rallying over the past 24 hours.
At press time, SHIB is trading at $0.000056 per coin, up by more than 9% over the past 24 hours. SHIB currently occupies the eleventh position in the market with a market cap of $30 billion. If it continues with its recent rally, it could overtake USDC and become the tenth-largest cryptocurrency space.
The rally comes at a time when the broader cryptocurrency is retracing. Bitcoin reached an all-time high above $69k yesterday but has now lost more than 5% of its value and is trading below the $65k level.
The SHIB/USD 4-hour chart is currently bullish, with the MACD and RSI indicators showing strong buying signals amongst investors. If SHIB continues with its current rally, then it could top the $0.00006 level over the coming hours.
Crossing the $0.00006 psychological level would set SHIB up for higher gains. However, for SHIB to rally towards the $0.00007 level, it would need the support of the broader cryptocurrency market.