Memecoin Shiba Inu (SHIB) is in the spotlight amid a broader market recovery. The memecoin demonstrates resilience in numerous market performance criteria, including price and trading volume. Investors are now watching if SHIB will stop adding more zeros amid growing selloffs.
Shiba Inu Price Overview and Ecosystem Trend
As of this writing, the price is up 7.6% in the past 24 hours to $0.000018. Investors’ sentiment played a crucial role in sustaining this price momentum. Within the last 24 hours, trading volume increased by 28% to $395 million.
Investors’ increasing attention to Shiba Inu comes after a recent breakout and correction. Analysts have predicted the movement of SHIB’s price and a possible surge.
Technical analyst Charting Guy revealed that Shiba Inu’s recent breakout started in late September. At the time, SHIB’s price surged over 40% in two days to reclaim the $0.000021 range.
The memecoin later experienced a downturn, and its price sank to $0.00001553. Nonetheless, the analyst noted that the backtest, which is required to validate a breakout, has been completed.
This suggests a potential rally is on the horizon for Shiba Inu. Intriguingly, technical analysis also supports a bullish momentum for SHIB.
At this moment, there is barely a more positive project in the memecoin world than Shiba Inu. The broader community and the project’s leaders are optimistic about its potential to achieve major milestones soon.
The team recently excited the community by unveiling its stablecoin, SHI. The team designed the stablecoin as the centerpiece of the project’s Layer-2 solution, Shibarium.
Restoring Confidence in Community Against Scam and Undue Hype
Shiba Inu faces multiple scam attempts amid its growing expansion and popularity. Thus, the surge in the memecoin’s price could help restore confidence in the community.
The Shiba Inu community is known for its strong online presence, making it an attractive target for bad actors attempting to exploit unsuspecting users.
In a recent X post, the ShibArmy Scam Alerts urged the crypto community to remain vigilant against scams, FUD, and misinformation. The alert emphasizes the growing risks crypto holders are facing in the crypto space.
The message warns that these scams are designed to deceive users into taking actions that could cause fund loss. Additionally, it stressed that community moderators are crucial in securing the crypto ecosystem.
The Memecoin Volatility Cycle
Memecoins present a viable investment opportunity for investors looking to diversify their crypto portfolios. However, memecoins are highly volatile, fluctuating prices dramatically over short periods.
One of the key factors driving memecoin volatility is the power of hype and social media engagement. Influential figures promoting a specific memecoin can attract more investors, resulting in fast price increases.
Additionally, memecoins speculative nature can lead to notable buying and selling activities, contributing to price volatility. Top memecoins like Shiba Inu, Dogecoin (DOGE), and Pepecoin (PEPE) have experienced substantial price fluctuations this cycle.
Due to a recent market crash, Dogecoin’s price nosedived 7% in just 24 hours. The price has since recovered, and DOGE is now trading at $0.1106, demonstrating a 6.6% increase in the past day.
