SHIB Cryptocurrency Surges 65%: Investors Urged to Watch Price Thresholds

Share on Facebook Share on Twitter

The Bottom Line

The cryptocurrency Shiba Inu (SHIB) has gained 65% within a week. Despite this impressive performance, investors should keep an eye on certain price levels. The average unrealized gains of SHIB holders were 52% at the time of reporting. A notable increase in SHIB addresses holding between 0 and 10 coins has been observed.

SHIB’s Impressive Performance

The popular meme cryptocurrency Shiba Inu [SHIB] has moved sideways in the last 24 hours as traders took a breather after trading billions of tokens in the past week. Overall, the tenth-largest cryptocurrency increased by 65% in the past week and an incredible 270% in the last four weeks. This was driven by a bull market that sent prices of internet meme-linked assets soaring.

SHIB Investors with Big Gains

According to a study by AMBCrypto using data from Santiment, the daily volumes of SHIB have dramatically increased in the last two weeks and are now reaching levels last seen during the previous bull cycle of the market. The prospect of higher returns attracted traders in droves. At the time of reporting, SHIB holders had average unrealized gains of 52% on their investments, measured by the 30-day MVRV ratio.

Watch These Price Levels

At the time of reporting, the SHIB price was $0.000034. Technical analyst Ali Martinez highlighted a key resistance mark at $0.000038. A breakthrough of this mark could trigger a 40% increase in SHIB value to up to $0.000052. However, should SHIB fall below the crucial support at $0.000033, the aforementioned bullish scenario would be invalidated.

Retail Investors in the Spotlight

The SHIB rally was driven by retail investors, as evidenced by the sharp increase in addresses holding between 0 and 10 coins. Moreover, the rate at which new users are entering the network has significantly accelerated in recent weeks, indicating growing acceptance.

Our Assessment

SHIB’s impressive performance over the past week demonstrates the potential of meme cryptocurrencies in a bull market. However, investors should always be cautious and keep an eye on price levels to minimize potential risks. The growing acceptance and strong interest from retail investors are positive signs, but it’s also important to consider market conditions and technical indicators.

Sources: Aniket Verma, Saman Waris, Ali Martinez, Santiment, Hyblock Capital.

Share on Facebook Share on Twitter
Casinos: 9
Profile Shiba Inu
Symbol SHIB
Coin type Meme Coin
Transaction Speed High
Pros
  • High security thanks to ERC-20 token standard on ETH protocol
  • Well suited for an easy entry into the crypto world
Cons
  • Not yet widespread
  • Price fluctuations
Price 0,00 €
Percent Change 24h 0,81 %
Percent Change 7d -9,89 %
Percent Change 30d -15,95 %
Percent Change 60d -2,59 %
Percent Change 1y 210,62 %
Market Cap 11.506.791.716,00 €
Official Links
Socials Reddit | X
Best 3 Shiba Inu casinos

Latest News

Paula Winkler

Created by

After over 6 years in print journalism, I stumbled into the iGaming niche in 2017. One thing became evident to me quickly: Online Casino Reviews need more transparency! I joined the Kryptocasinos.com Team in 2023 and are the main expert for all topics related to „Player Security“.
In my private life, I am an active member of the volunteer fire department and enjoy the outdoors with my dog Ruby.
Reviewed by
Nerd of Numbers

Last update: 11. June 2024

kryptocasinos.com Logo Advertising transparency

We are independent, transparent and funded by revenue we generate when you sign up at a casino through us.

Our goal is to help you make better decisions when choosing a casino by offering different information, providing filters and comparison tables, and publishing objective content. Thus, we give you the opportunity to research for free, compare casinos and make your decision based on that.

We cannot guarantee that a casino that is very good for us will fit your type of player and your circumstances.

Why trust us?

We work according to transparent editorial guidelines and disclose our testing methods as well as funding. This article may contain links to our partners, but this does not influence our objective view in any way.

🍪
We use cookies. By using this site, you accept them.