The Shiba Inu (SHIB) cryptocurrency has risen 7% in the past 24 hours as meme coins rally alongside the broader market.
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Analysts say that Shiba Inu has now broken through key resistance levels and looks set to rally even higher in coming days and weeks. The latest upsurge comes following a prolonged slump for SHIB, which features a cartoon image of a dog and trades for fractions of one cent.
Market analysts say that about 80% of Shiba Inu holders are currently underwater, with only 17% in profit. However, development work aimed at enhancing Shiba Inu’s utility beyond its meme coin status continues and the community around meme coins remains enthusiastic.
Trading Volumes Spike
Analysts also note that there have been significant volume spikes in trading of Shiba Inu over the past 24 hours. Shiba Inu is currently trading at 0.00001475 of one U.S. cent. Other meme coins, such as Dogecoin (DOGE), are also marching higher amid a broad rally in the crypto sector.
Bitcoin (BTC), the largest cryptocurrency by market capitalization, is currently trading at $105,255 and is back near its all-time high of just over $109,000. The entire crypto market has been rising since mid-April amid a sharp recovery in stocks.
Is BTC a Buy?
Most Wall Street firms don’t offer ratings or price targets on Shiba Inu, so we’ll look instead at the three-month performance of Bitcoin. As one can see in the chart below, the price of BTC has risen 9.27% in the last 12 weeks.
