Benzinga - by Shanthi Rexaline, Benzinga Editor. Shiba Inu (CRYPTO: SHIB) is on the rise again this week and has been the top-performing cryptocurrency over the past 24 hours.
What Happened: After a somewhat flat start to the week, Shiba Inu has been higher and has jumped to its highest level since late April.
At last check, SHIB traded at $0.00001096, up 9.06% over the past 24 hours, according to Benzinga Pro data. The meme crypto has clocked a weekly gain of 15.89%, with only THORChain (CRYPTO: RUNE) and Pepe (CRYPTO: PEPE) performing better.
SHIB's market cap and volume also swelled along with its price, rising about 9% and 141%, respectively, to $6.48 billion and $645.08 million, over the past 24 hours.
Chart Courtesy of TradingView
In the event of a continuing upward momentum, the next upside target for the crypto could be the $1.00001215 region. On the downside, it has support around the $0.0000080 level.
Nevertheless, SHIB is still trading well off its all-time high of $0.00008848, which was reached on Oct. 28, 2021.
Is SHIB Rally Sustainable: Shiba Inu is now the 11th-most valued crypto, but its near-term direction is uncertain. The recent rally could be impacted by crypto-specific factors as well as macroeconomic conditions. The global economic outlook is increasingly cloudy, with inflation persistently holding above central bank targets. This may not allow the global central banks to drop their hawkish stances, pause and pivot.
Uncertainty is a curse for any financial asset, including cryptocurrencies. That said, the central banks could be nearing the end of their tightening in the current monetary policy cycle.
Regulatory risk also remains, as the SEC has clamped down on several cryptocurrency exchanges.
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Technically, SHIB is showing a bullish pattern of making higher highs, which suggests demand for the crypto is on the rise. Then there is the fundamental catalyst of the impending launch of the Shibarium, an in-house layer-2 blockchain platform that is built on Ethereum. With the launch of the Shibarium, analysts see Shiba Inu transforming into a complete ecosystem.
Using Shibarium will increase transaction speeds, lower fees, boost the token's utility and allow seamless decentralized application development.
One SHIB developer who goes by the handle @LucieSHIB recently shared a screenshot of a Telegram post by Shytoshi Kusama, the anonymous leader of Shiba Inu’s developers, in which the latter claimed that SHIB “will be greater than X or any token that makes you scan your eyeballs or whoever else they try to drum up against this global army.”
Read Next: Here’s How Much A $1,000 Investment In Shiba Inu Now Could Be Worth If The Meme Coin Returns To Record Highs
Photo: Shutterstock
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