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Cryptocurrency News Articles
Shiba Inu (SHIB) Shows Signs of Rebound, Bulls Target $0.000022
Oct 25, 2024 at 01:01 am
Shiba Inu ( $SHIB ) has started to show signs of recovery after a challenging few weeks, with its price currently sitting at $0.000017404
Social media is abuzz with crypto investors seeking favorable entry points as the broader crypto markets experience a 1% downturn, with Bitcoin (BTC) briefly dipping below $66K. LunarCrush's social metrics reveal that the three most talked-about meme coins currently are Dogecoin (DOGE), Pepe (PEPE), and Shiba Inu (SHIB).
Meme Coins Battle for Attention
Interactions surrounding DOGE surged to 11.2M in the latest 24-hour period, as the meme coin attempts to stay afloat above $0.13 following a 35% monthly bull run. Dogecoin's social media activity accounts for 3.85% of the total market "share of voice." PEPE secured second place by this metric, boasting nearly 3M daily interactions.
⚡️ TOP MEME Tokens by Social Activity
$DOGE $PEPE $SHIB $POPCAT $BONK $BRETT $FLOKI $SPX $MOG $MICHI
(24h)
Shiba Inu (SHIB) takes the third spot in terms of social activity among meme coins, consuming 1.6% of the social crypto chatter. Both SHIB and PEPE registered micro gains on Thursday as Bitcoin attempts to hold above $67K.
Can SHIB Reclaim $0.000022?
SHIB was notably rejected twice before reaching the pivotal level of $0.000022 in September 2024, and this price point has remained untouched since June 13, 2024.
To reclaim this territory, SHIB must overcome the first major resistance at $0.00001891, according to the 200-day simple moving average (SMA).
According to Fiat Leak's technical analysis, the 50-day SMA coincides with the $0.000022 resistance levels, potentially presenting a strong bounce zone. The crypto analyst highlights SHIB's vulnerability to market volatility, as the coin's price has since retraced nearly all 440% gains from its massive spring rally.
Shiba Inu (SHIB) Shows Signs of Rebound, Bulls Target $0.000022
$Shiba Inu (SHIB) has started to show signs of recovery after a challenging few weeks, with its price currently sitting at $0.000017404, reflecting a -3.89% decrease over the last 24 hours. The TD Sequential…
As of press time, SHIB trades at $0.00001777, registering a 24-hour trading volume of $418 million, showing a slight uptick from the beginning of the week. Notably, beyond technical implications, retail demand drives a fortune for Shiba Inu's bullish breakouts, usually accompanied by increasing social presence.
On the other hand, institutional interest in SHIB remains minimal, with no new whale transactions observed in the past 30 days. This lack of institutional attention could potentially hinder SHIB's sustained recovery.
Why This Matters
The surging interest in meme coins, especially among crypto traders, highlights a shift in mentality as leveraged plays on underlying crypto assets are breaking records in popularity.
Check out DailyCoin's top crypto news:
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