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Shiba Inu Eyes Explosive Surge by $500 Million in Market Cap: What's Next for SHIB?

Wed, 07/12/2023 - 17:05
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Gamza Khanzadaev
Shiba Inu token unexpectedly grows by half a billion in market cap, let's reveal path forward for SHIB
Shiba Inu Eyes Explosive Surge by $500 Million in Market Cap: What's Next for SHIB?
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The Shiba Inu token, SHIB, has witnessed an astounding rise in market capitalization, soaring by half a billion dollars in less than 30 days, according to data from CoinMarketCap. This meteoric surge can be largely attributed to the impressive growth in the token's price, defying expectations following a significant 31% plunge in a single day.

Source: CoinMarketCap

The remarkable resilience displayed by SHIB holders has paid off handsomely, as the token's price experienced a truly bullish reversal, recovering nearly 100% of its previous crash.

Shiba Inu vs. 24 Trillion SHIB Resistance: Who Will Prevail?

Now boasting a market capitalization exceeding $4.4 billion, the Shiba Inu token has secured a coveted position among the top 20 largest digital assets on the market.

What lies ahead for Shiba Inu (SHIB)?

Currently, SHIB finds itself in an intriguing phase of consolidation, depicted on the chart as a hovering accumulation. Buyers diligently protect the token's price from dipping below the $0.000007 mark, while sellers staunchly resist its ascent beyond $0.0000078.

Source: TradingView

The outcome of this tug-of-war will determine the future trajectory of SHIB. Key factors that will influence this battle are the fundamental developments surrounding Shiba Inu, particularly the advent of Shibarium, and broader market dynamics. Analyzing these factors will provide valuable insights into the future path of the SHIB price.

This Shibarium Project Unleashes Ambitious Vision for Shiba Inu Token

Nonetheless, time appears to be favoring sellers, as the absence of positive developments in these two critical areas may yield an inevitable outcome.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.