In the constantly emerging crypto market, it is witnessed that the popular meme coin Shiba Inu increases by 25.78%.
Perceiving a stable crypto market, the popular meme coin Shiba Inu increases by 25.78% over the past week. With this surge, Shiba Inu takes the limelight in the crypto space providing its equivalent meme coins a tough of competition, which is driving up the price of the cryptocurrency. This strong comeback of the Shiba Inu coin has forced whales to consider adding them to their portfolio. Experts foresee the strong comeback of this coin due to the upcoming project Shibarium protocol scalability that is yet to launch in February. The lead developer of Shiba Inu confirmed that the development of this new project is on its way, and mentioned that it will improve the scalability prospects.
So far Shiba Inu’s weekly increase has proved the coin seems to be promising and taking the stage along with the giant crypto coins Bitcoin and Ethereum has impressed the whales. This market need not remain bullish forever it might witness bearish anytime if there are shifts in global macros. Shiba Inu’s price is US$0.0000142 as of writing holding the 12th position in the market chart.
Interestingly with all activities in the prices, Shiba Inu is moving ahead and giving the competition to Dogecoin (DOGE). As per many crypto giants, it is anticipated that Shiba Inu endures its trend in the coming months. By March 2023, the prices could surge by 40% from its current value.
Forthcoming Challenges for Shiba Inu
Following an immediate surge in Shiba Inu’s price in a few days, the coin has few targets to reach. Shiba Inu targets to reach the value of US$0.000015 which seems to be a good resistance level. This level is crucial for Shiba Inu as previously it failed to meet the breakthrough of the value that it is currently sustaining. Subsequently, the coin targets to reach a US$0.000018 value, the value Shiba Inu certainly failed to reach back in 2022 creating a major obstacle. Reaching the mentioned value makes Shiba Inu recognized as a bullish trend. At last, Shiba Inu, targets to break down the resistance level by 70% and reach US$0.000025. This value is marked to be the highest point wherein the Shiba Inu coin previously reached past before it cited to a bearish trend.
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