Benzinga - Shiba Inu (CRYPTO: SHIB), the meme cryptocurrency proclaimed as the ‘Dogecoin (CRYPTO: DOGE) Killer,’ posted over 90% increase in value within the last 24 hours.
What Happened: This surge has propelled the meme cryptocurrency ahead of its peers, including Dogecoin, Pepe (CRYPTO: PEPE), and BONK (CRYPTO: BONK), as well as top cryptocurrencies Bitcoin and Ethereum.
Data from LunarCrush, a social analysis platform indicates a 51% boost in Shiba Inu-related chatter across social media platforms in a single day.
This growth has facilitated Shiba Inu’s re-entry into the ranks of the top 10 cryptocurrencies by market capitalization, reaching a valuation of $25 billion, closer to Dogecoin’s $27 billion market cap.
Shiba Inu made a splash in the crypto market by climbing to a price point of $0.00002 on Saturday, March 2, 2024. A glance at the weekly charts reveals what traders refer to as a ‘God Candle’ — a term for a skyrocketing price. Since February 29, SHIB’s value has catapulted by 120%.
In the span of the last seven days, the gains for Shiba Inu totaled 289%, marking a return to price levels last seen in the early parts of May 2022.
See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals
Why It Matters: Despite the hype, warning signals are flashing for Shiba Inu investors. The Relative Strength Index (RSI), a tool used to measure the speed and change of price movements, currently registers at a high 98.36949660, data from TradingView shows. This figure exceeds the conventional ‘overbought’ designation of 70, often indicating a potential for an upcoming decline or a massive price correction.
Moreover, additional technical indicators such as the Stochastic %K, Commodity Channel Index (CCI), and Williams Percent Range align with the RSI’s suggestion, indicating that Shiba Inu may be poised for a sell-off, setting the stage for a market correction.
Price Action: At the time of writing, SHIB was trading at $0.0000444, up 90.15% in the last 24 hours, according to Benzinga Pro.
Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?
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