Shiba Inu (SHIB) Price Rallies 16% Today After the Team Announces a New DeFi Platform

In the latest crypto market news, Shiba Inu is the best-performing of the top 15 digital currencies today after a 16% price rally.

Shiba Inu price today rallied by 16% to hit a 45-day high of $0.00001540. The significant gains saw SHIB outperform virtually all of the top 10 digital assets. It’s also helped the meme coin recover 140% of its March 1 lows of $0.0000060.

At the time of writing, SHIB is trading at $0.00001530, and it has dropped slightly from the highs of the day.

Shiba Inu is now the 14th largest digital asset by market cap.

Why Is Shiba Inu Rallying Today?

SHIB’s gains may be attributed to two key factors. The first is the slightly bullish mood of the larger crypto industry over the last 24 hours. The industry added 1% to its market cap to hit $2.9 Trillion while the price of top coins Bitcoin and Ethereum jumped by a similar margin.

However, the biggest catalyst for today’s price jump was the announcement that Shiba Inu’s team would add a DeFi platform - Shib Finance - to the Shib ecosystem. According to a post made on the X.com platform, the team is confident that Shib Finance “take the Shib ecosystem to a whole new level - moving beyond swapping tokens to offering full financial services like lending, borrowing, saving, and more.”

But Can SHIB Sustain this Uptrend?

Shiba Inu has been under immense selling pressure, and its prices crashed to multi-year lows of $0.00001095 earlier in the month. At the time, more than 60% of SHIB hodlers were staring at unrealized losses and the dog-themed meme coin threatened to add another zero to its price.

Today, several on-chain indicators suggest that SHIB is on a path to recovery. For instance, technical analysis of the joke coin shows that its bullish momentum has been rising steadily for two weeks. The RSI level has shot from the low of 31 to today’s bullish territory of 64. Its MACD line also crossed the signal line 13 days ago and is now on the verge of climbing up the positive territory. These suggest that we may be seeing a bullish reversal soon.

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The post Shiba Inu price today: SHIB soars 16% as DeFi platform set to launch appeared first on TechNewsWorld.com.output: In the latest crypto market news, Shiba Inu (SHIB) is the best-performing of the top 15 digital currencies today after a 16% price rally. The significant gains have seen SHIB outperform virtually all of the top 10 digital assets, with the exception of Toncoin (TON), which is up 17% for the past 24 hours.

At the time of writing, SHIB is trading at $0.00001530, and it has dropped slightly from the highs of the day. It’s also helped the meme coin recover 140% of its March 1 lows of $0.0000060.

At the 14th largest digital asset by market cap, Shiba Inu’s daily trading volumes have also surged by 130% to reach $483 Million.

SHIB’s gains may be attributed to two key factors. The first is the slightly bullish mood of the larger crypto industry over the last 24 hours. The industry has added 1% to its market cap to hit $2.9 Trillion while the price of top coins Bitcoin and Ethereum have jumped by a similar margin.

However, the biggest catalyst for today’s price jump was the announcement that Shiba Inu’s team would be adding a DeFi platform - Shib Finance - to the Shib ecosystem. According to a post made on the X.com platform, the team is confident that Shib Finance “take the Shib ecosystem to a whole new level - moving beyond swapping tokens to offering full financial services like lending, borrowing, saving, and more.”

But Can SHIB Sustain this Uptrend?

Shiba Inu has been subject to immense selling pressure, and its prices crashed to multi-year lows of $0.00001095 earlier in the month. At the time, more than 60% of SHIB hodlers