Why Is SHIB Up Today?

The OG cryptocurrency Shiba Inu has broken its milestone and is now massively up 23% at press time. The token has surged high to hit a new price pedestal of $0.00001893. Will it be able to maintain its steady pace this weekend or for the next set of months? Let’s find out

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Shiba Inu Surges 22%: What’s Happening?

Shiba Inu has surged 22% in a massive price rally. The token is currently trading at a new price level of $0.0001893, after breaking months of consolidation. The token has outpaced several other altcoins to reach the top of the radar.

According to CoinMarketCap, SHIB has noted a 237% surge in its trading volume, which ultimately resulted in the token’s transformative price spike. Elaborating on statistics, CMC shared how Shiba Inu’s trading volume amounted to $1,385,064,509, with trillions of SHIB being traded within the cryptocurrency sector.

The surge comes after the positive market momentum that is sending bullish price waves within the cryptocurrency sector. Bitcoin is also up 2% in the last 24 hours and has finally reclaimed its $65K price mark. With bitcoin’s positive price trajectory, the altcoin market also responded well to the change, with SHIB in particular catching the attention of the investors and traders the most.

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Will This Surge Continue For Long?

The transformative rise in SHIB’s price is urging investors to ask questions related to whether this price development will continue for months to come. According to CoinCodex, Shiba Inu may peak till October 3, to hit an all-new high of $ 0.00002908.

The Shiba Inu price forecast for the next 30 days is a projection based on the positive/negative trends in the past 30 days. Based on these Shiba Inu projections, SHIB will be changing hands at $ 0.00002908 on Oct 3, 2024, gaining 55.48% in the process.

However, the portal adds how it may tank 11% by October 23, hitting a stabilized price level of $ 0.00001868 by October 26.

“According to our current SHIB price prediction, the price of Shiba Inu is predicted to drop by -0.11% and reach $ 0.00001868 by October 26, 2024. Per our technical indicators, the current sentiment is Bullish while the Fear & Greed Index is showing 50 (Neutral). Shiba Inu recorded 17/30 (57%) green days with 4.06% price volatility over the last 30 days. Based on the Shiba Inu forecast, it’s now a good time to buy Shiba Inu.”

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