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Shiba Inu (SHIB) Soars by 16% Daily: What Drives the Surge?
The world of cryptocurrencies is in for a surprise as Shiba Inu (SHIB) has experienced an astonishing 16% daily surge. This remarkable growth has propelled SHIB to the top, allowing it to re-enter the crypto’s top 20 club.
As per CoinGecko’s data, SHIB now trades at around $0.00001545, marking a significant milestone in over a month. The cryptocurrency’s market capitalization has also climbed above $9 billion, ranking it as the 16th-largest cryptocurrency.
The sudden price jump can be attributed to several factors that are not mutually exclusive. Firstly, Shiba Inu’s team announced the upcoming launch of Shib Finance, its decentralized finance (DeFi) platform. This new development is set to revolutionize the ecosystem by introducing features like lending, borrowing, saving, and more. It is important to note that this information could have sparked hope among investors and traders alike.
Furthermore, a recent shift in the storage of SHIB coins has been observed. Data from CryptoQuant suggests that the amount of Shiba Inu held at exchanges has hit a four-year low. This decrease in exchange-held SHIB could indicate that users are opting for self-custody methods, resulting in reduced selling pressure.
Additionally, it is undeniable that the overall market revival plays a significant role in this surge. Several well-established cryptocurrencies have witnessed substantial gains over the past 24 hours, with Bitcoin (BTC) reclaiming the psychological mark of $88,000 and other altcoins charting significant advances. The total value of the crypto space has reached an unprecedented level of $3 trillion.
It is imperative to note that even in times of remarkable growth, it is crucial to consider the asset’s potential correction. SHIB’s Relative Strength Index (RSI) has spiked to almost 90, indicating overbought territory and potentially setting the stage for a pullback.
Source: https://cryptopotato.com/shiba-inu-shib-soars-by-16-daily-what-drives-the-surge/
