Shiba

bullish

Shiba Inu

Daily

TL;DR
<ul>
 <li>Shiba Inu showed strong performance in line with the crypto market’s bullish trend.</li>
 <li>Increased SHIB burns and Shibarium transactions signal ecosystem growth, though RSI above 70 suggests a possible short-term pullback.</li>
</ul>
<h2 id="a-href-https-cryptopotato-com-wp-content-uploads-2024-10-shib_cb-55-jpg-data-wpel-link-internal-rel-noopener-noreferrer-nofollow-a"><a href="https://cryptopotato.com/wp-content/uploads/2024/10/SHIB_CB-55.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"></a></h2>
<h2 id="span-data-preserver-spaces-true-shib-heads-north-span">SHIB Heads North</h2>
The second-largest meme coin in terms of market cap experienced a substantial resurgence in the past 24 hours, with its price tapping a one-month high of $0.00001957. In the following hours, it erased some of the gains, dropping to the current $0.0000189 (per CoinGecko’s data). However, it remains well in the green on a daily and weekly scale.&nbsp;
<figure id="attachment_368330" aria-describedby="caption-attachment-368330" style="width: 100%" class="wp-caption alignnone"><a href="https://cryptopotato.com/wp-content/uploads/2024/10/SHIB-price-15.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="wp-image-368330" src="https://cryptopotato.com/wp-content/uploads/2024/10/SHIB-price-15.png" alt="SHIB Price" width="581" height="400" srcset="https://cryptopotato.com/wp-content/uploads/2024/10/SHIB-price-15.png 1048w, https://cryptopotato.com/wp-content/uploads/2024/10/SHIB-price-15-300x206.png 300w, https://cryptopotato.com/wp-content/uploads/2024/10/SHIB-price-15-1024x704.png 1024w, https://cryptopotato.com/wp-content/uploads/2024/10/SHIB-price-15-768x528.png 768w, https://cryptopotato.com/wp-content/uploads/2024/10/SHIB-price-15-50x34.png 50w" sizes="(max-width: 581px) 100vw, 581px"></a>
 <figcaption id="caption-attachment-368330" class="wp-caption-text">
 SHIB Price, Source: CoinGecko
 </figcaption>
</figure>
Its impressive performance coincides with the reigning bullish environment in the cryptocurrency sector. Several hours ago, bitcoin’s (BTC) price <a class="editor-rtfLink" href="https://cryptopotato.com/bitcoin-price-flirts-with-a-new-ath-leaving-over-100-million-shorts-liquidated/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">exploded</a> to $73,600 (just $150 away from hitting a new all-time high). As of the moment, it trades at around $72,400, representing an 8% weekly increase.
Shiba Inu’s burning mechanism is worth mentioning, too. Over the past 24 hours, the burn rate <a class="editor-rtfLink" href="https://www.shibburn.com/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">skyrocketed</a> by 450%, resulting in approximately 52 million tokens sent to a null address. The program’s ultimate goal is to decrease the circulating supply of SHIB, potentially driving its valuation up (assuming demand stays the same or rises).&nbsp;
Last but not least, we will touch upon Shiba Inu’s layer-2 scaling solution – Shibarium. Daily transactions on the network have soared by 13,500% in the span of 24 hours, suggesting increased user engagement.&nbsp;
Shibarium officially saw the light of day last August, aimed at fostering the development of the meme coin’s ecosystem. Those willing to check some of the latest upgrades involving the protocol can read our article <a class="editor-rtfLink" href="https://cryptopotato.com/huge-shiba-inu-shib-upgrade-imminent-details/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">here</a>. For more updates on the ecosystem, check out our&nbsp;<a class="editor-rtfLink" href="https://cryptopotato.com/shibarium-news/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Shibarium news page</a>.
<h2 id="span-data-preserver-spaces-true-something-for-the-bears-span">Something for the Bears</h2>
Despite the overall bullish conditions mentioned above, one metric indicates a potential retreat for SHIB’s value in the short run.
This is the Relative Strength Index (RSI), which measures the speed and change of price movements. The momentum oscillator varies from 0 to 100 as a ratio above 70 signals the asset could be overbought and poised for a correction. On the other hand, readings below 30 might be interpreted as a buying opportunity.
Currently, the index is <a class="editor-rtfLink" href="https://www.cryptowaves.app/relative-strength-index/SHIB" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">hovering</a> at the bearish level of 70.
The post <a href="https://cryptopotato.com/why-is-the-shiba-inu-shib-price-up-today-10/" rel="noopener noreferrer nofollow">Why Is the Shiba Inu (SHIB) Price Up Today?</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

Why Is the Shiba Inu (SHIB) Price Up Today?

Table of Contents

CryptoPotato_News

Other articles published on Oct 30, 2024

Humana Reports Better than Expected Results for Third Quarter of 2024

Michael Saylor's Legacy: Donating His Bitcoin Wealth to Humanity, Inspired by Satoshi Nakamoto

Analyst Predicts Cardano (ADA) Price Could Rally 25% Short-Term – Here’s Why

Base Announces Permissionless Fault Proofs Launch on Oct. 30

Decentralized network Uplink tops 40K routers, targets lower internet costs

This Alternative Token to Ripple (XRP) is Expected to Reach $30 in 2025, Currently Priced Below $0.3

Join our free newsletter for daily crypto updates!