TL;DR
- Shiba Inu has outperformed BTC, ETH, DOGE, and many other well-known cryptocurrencies in terms of daily gain.
- Check out some of the factors that have potentially played a role in the price jump.
SHIB on the Run
The popular meme coin has witnessed a solid revival in the past 24 hours, with its price pumping by approximately 16%. Currently, it trades at around $0.00001545 (per CoinGecko’s data), which is the highest level registered in more than a month. SHIB’s market capitalization jumped above $9 billion, making it the 16th-largest cryptocurrency.
It is important to note that the rally occurred shortly after Shiba Inu’s team teased the upcoming launch of its DeFi platform – Shib Finance.
“In the future, Shib Finance will take the Shib ecosystem to a whole new level – moving beyond swapping tokens to offering full financial services like lending, borrowing, saving, and more,” the announcement reads.
The DeFi platform will utilize tools like the Karma Engine, Shib Attestation, and a Privacy-Powered Identity Layer to allow users to “build trust through their activity and reputation in the ecosystem.”
Another element that could be linked to SHIB’s latest resurgence is the amount of Shiba Inu stored at exchanges. According to CryptoQuant, the figure has recently dropped to a four-year low, signaling a potential shift from centralized platforms toward self-custody methods. This, in turn, reduces the immediate selling pressure.
The overall market revival could have also played a role in SHIB’s price pump. Bitcoin (BTC) has reclaimed $88,000, while Dogecoin (DOGE), Cardano (ADA), Chainlink (LINK), Sui (SUI), and many more have charted significant gains on a 24-hour scale. The entire market capitalization of the crypto sector currently stands at the psychological level of $3 trillion.
It’s Not All Sunshine and Roses
Contrary to the aforementioned bullish factors, SHIB’s Relative Strength Index (RSI) signals that a potential correction is not out of the cards.
The technical analysis tool, which measures the speed and change of price movements, has recently spiked to almost 90. Typically, readings above 70 indicate the asset has entered overbought territory and might be gearing up for a pullback. On the other hand, anything below 30 is considered a buying opportunity.
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