{"id":516457,"date":"2023-01-18T04:30:45","date_gmt":"2023-01-18T09:30:45","guid":{"rendered":"https:\/\/ktsl888.com\/?p=516457"},"modified":"2024-06-11T07:49:35","modified_gmt":"2024-06-11T07:49:35","slug":"shiba-inu-price-jumps-by-21-here-is-why","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/shiba-inu-coin\/shiba-inu-price-jumps-by-21-here-is-why\/","title":{"rendered":"Shiba Inu Price Jumps By 21%, Here’s Why"},"content":{"rendered":"

While the broader crypto market has been trending sideways in the past 24 hours following its stellar rally over the past two weeks, Shiba Inu (SHIB) is bucking the trend, posting a whopping 21% price. The trading volume of the meme coin has exploded by 150% to $810 million within the last 24 hours.<\/p>\n

A look at the 1-day chart reveals that the Shiba Inu price approached the lower end of the key resistance zone at $0.000013, but was rejected initially. At press time, SHIB was trading at $0.00001254, reaching the early November highs.<\/p>\n

To trigger a sustained bullish breakout on the daily chart, SHIB needs to break above the $0.000014 level. For now, however, a corrective move – either by time or price – seems more likely as the RSI is in overbought territory at 86.7.<\/p>\n

\"Shiba
1-day chart | Source: SHIBUSD on TradingView.com<\/a><\/figcaption><\/figure>\n

The 1-week chart shows that SHIB managed to break out of a one-year downtrend when the price broke the falling trendline to the upside last week. With the setup in the daily chart, a retest of this trendline might be possible to build further bullish momentum afterward.<\/p>\n

\"Shiba
weekly chart | Source: SHIBUSD on TradingView.com<\/figcaption><\/figure>\n

Reasons For The Shiba Inu Price Rally<\/h2>\n

The jump in the price of Shiba Inu (SHIB) comes after Korean crypto exchange UpBit announced that it has listed the popular meme token. According to the announcement<\/a>, South Koreans can now buy Shiba Inu directly with the Korean won.<\/p>\n

Upbit was the 22nd largest crypto exchange by spot trading volume within the last 24 hours. Also yesterday, SHIB was also listed on Cointree, an exchange that is even smaller by trading volume.<\/p>\n

Related Reading: Shiba Inu Devs Set To Unveil Shibarium L2 Network Beta<\/a><\/div>\n

Therefore, a more likely reason for the pump could rather be the launch of the layer 2 scaling solution Shibarium. As recently as Monday, the developers published<\/a> a new blog post promising an approaching launch in a couple of weeks.<\/p>\n

Shibarium could be a massive bullish catalyst for Shiba Inu. With a market cap of $6.8 billion, it will be the second largest layer 2 solution, while bringing a lot of value to the ecosystem with its own DEXs, NFTs, metaverse, and stablecoin.<\/p>\n

Recently, the BONE token already caused a buzz with massive volatility<\/a>. BONE is the governance token for ShibaSwap, a decentralized exchange that launched in July 2021. It is also interesting to note that BONE will be used to pay for gas, while SHIB will be burned with the basic gas fee.<\/p>\n

Related Reading: Whale Moves Huge Amount Of Shiba Inu Tokens As SHIB Unveils To Metaverse<\/a><\/div>\n

In addition, Shiba Inu will introduce a new reward token – TREAT. Many details are not yet known, however, it will probably be used in ShibaSwap, Shiba metaverse, the Collectible Card Game, and as a reward for validators.<\/p>\n

Finally, the Shiba Inu metaverse is scheduled for release in 2023. Here, the tokens of the Shib ecosystem will meet and 100,595 land plots will be for sale (similar to The Sandbox<\/a> multiverse).<\/p>\n

Featured image from Ferhat Deniz \/ Unsplash, Charts from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

While the broader crypto market has been trending sideways in the past 24 hours following its stellar rally over the past two weeks, Shiba Inu (SHIB) is bucking the trend, posting a whopping 21% price. The trading volume of the meme coin has exploded by 150% to $810 million within the last 24 hours. A look at the 1-day chart reveals that the Shiba Inu price approached the lower end of the key resistance zone at $0.000013, but was rejected initially. At press time, SHIB was trading at $0.00001254, reaching the early November highs. To trigger a sustained bullish breakout on the daily chart, SHIB needs to break above the $0.000014 level. For now, however, a corrective move – either by time or price – seems more likely as the RSI is in overbought territory at 86.7. The 1-week chart shows that SHIB managed to break out of a one-year downtrend when the price broke the falling trendline to the upside last week. With the setup in the daily chart, a retest of this trendline might be possible to build further bullish momentum afterward. Reasons For The Shiba Inu Price Rally The jump in the price of Shiba Inu (SHIB) comes after Korean crypto exchange UpBit announced that it has listed the popular meme token. According to the announcement, South Koreans can now buy Shiba Inu directly with the Korean won. Upbit was the 22nd largest crypto exchange by spot trading volume within the last 24 hours. Also yesterday, SHIB was also listed on Cointree, an exchange that is even smaller by trading volume. Related Reading: Shiba Inu Devs Set To Unveil Shibarium L2 Network Beta Therefore, a more likely reason for the pump could rather be the launch of the layer 2 scaling solution Shibarium. As recently as Monday, the developers published a new blog post promising an approaching launch in a couple of weeks. Shibarium could be a massive bullish catalyst for Shiba Inu. With a market cap of $6.8 billion, it will be the second largest layer 2 solution, while bringing a lot of value to the ecosystem with its own DEXs, NFTs, metaverse, and stablecoin. Recently, the BONE token already caused a buzz with massive volatility. BONE is the governance token for ShibaSwap, a decentralized exchange that launched in July 2021. It is also interesting to note that BONE will be used to pay for gas, while SHIB will be burned with the basic gas fee. Related Reading: Whale Moves Huge Amount Of Shiba Inu Tokens As SHIB Unveils To Metaverse In addition, Shiba Inu will introduce a new reward token – TREAT. Many details are not yet known, however, it will probably be used in ShibaSwap, Shiba metaverse, the Collectible Card Game, and as a reward for validators. Finally, the Shiba Inu metaverse is scheduled for release in 2023. Here, the tokens of the Shib ecosystem will meet and 100,595 land plots will be for sale (similar to The Sandbox multiverse). Featured image from Ferhat Deniz \/ Unsplash, Charts from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":516481,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[92559],"tags":[86713,83668,83667,87680,83853],"class_list":["post-516457","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-shiba-inu-coin","tag-bone","tag-shib","tag-shiba-inu","tag-shibarium","tag-shibaswap"],"acf":[],"yoast_head":"\nShiba Inu Price Jumps By 21%, Here's Why<\/title>\n<meta name=\"description\" content=\"While the broader crypto market has been trending sideways in the past 24 hours following its stellar rally over the past two weeks, Shiba Inu (SHIB) is\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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Through his extensive work with ktsl888.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. 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