NOIDA (CoinChapter.com) — The Shiba Inu (SHIB) coin price has risen 154% over the past seven days, hitting a daily high near $0.000024 on March 3.
Development is the so-called “Meme Coin” This is a segment of the cryptocurrency market that is attracting the attention of individual and institutional investors.
The Meme token is a little-known project that has become the toast of the recent bull market, with traders seeing gains of 1,160% in one week (SOLSPONGE). Therefore, gains in the sector highlight why traders are looking to memecoins for quick profits.
SHIB Bulls Struggle Against Profit Booker
Shiba Inu coin’s recent rally triggered a profit-seeking bearish run on March 3rd. However, the bulls are aggressively trying to continue the rally, which can be seen in the token’s long upper and lower wicks on the day’s price candle.
If the rally stalls or profit booking continues, the Shiba Inu coin price may fall to the support level near $0.000019. Moreover, a violation of the immediate support may cause SHIB price to test support near $0.0000151 before recovering.
However, if the Shiba Inu coin price continues to rise, it will face resistance near $0.0000252. A reversal of immediate resistance could help memecoin price target resistance near $0.00003.
SHIB’s Relative Strength Index (RSI) remained overbought at 95.66 on the daily chart.
Strategic Shiba Inu development leading to recent price fluctuations
Traders have attributed the recent increase in SHIB’s market value in part to a 298% increase in the token burn rate. Token burning refers to a mechanism by which a project intentionally removes tokens from circulation to reduce supply and potentially increase value.
Additionally, general interest in memecoins like SHIB has increased significantly. Moreover, the whale’s movements highlight the growing interest in Shiba Inu memecoins.
In addition to market movements, Shiba Inu recently introduced privacy features to enhance the security of user transactions.
By integrating these features into Shibarium, a layer 2 network, Shiba Inu aims to provide transaction privacy comparable to existing privacy coins and marks a strategic pivot toward utility beyond its origins as a meme.
The renewed interest in memecoins like Shiba Inu reflects complex market sentiment that oscillates between speculative enthusiasm and cautious investment.
Investors considering entering the market at this stage should do their own research before entering the Shiba Inu Coin market. Recent developments in the Shiba Inu ecosystem provide the basis for current valuations, but the future trajectory of SHIB and similar cryptocurrencies remains uncertain.