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SHIB 30% Price Rally Puts It in Top 3 Most Profitable Cryptocurrencies

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Sun, 30/10/2022 - 11:16
SHIB 30% Price Rally Puts It in Top 3 Most Profitable Cryptocurrencies
Cover image via stock.adobe.com

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SHIB became the third most profitable cryptocurrency of the week, according to CoinMarketCap. Over the past seven days, the price of Shiba Inu has risen by 25%, but at one point SHIB was up as much as 50%.

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The bulk of SHIB's price hike northward came on Friday and Saturday, when other "memecoins" followed Dogecoin. While DOGE has soared 60% or more since the beginning of the week and SHIB only 25%, Shiba Inu managed to make up for the lag with the help of another ecosystem token, BONE.

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BONE, which could be considered the second most important token in the Shiba Inu project and the main one of the decentralized ShibaSwap exchange, also rose in value by 20% by the end of the week.

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Shiba Inu (SHIB) price action

On its way up, the SHIB price almost perfectly tested key price levels of the last months. SHIB started from the $0.0000106 area and quickly reached the $0.0000117 level, where after a further consolidation it surged up to $0.000014.

Article image
Source: TradingView

Unfortunately, the breakout of this mark turned out to be false and the SHIB price was corrected by 10.5%. However, the false breakout once again proved the strength of this level, and, if further developments in the crypto market continue in a similar way, we can probably expect another attempt to curb this peak.

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