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Shiba Inu has increased by 41% during the past month as of this writing. Reviving investor interest in cryptocurrencies has helped big cryptocurrencies like Bitcoin and Ethereum reclaim ground lost when FTX fell, which is driving this rise.
Because of its strong link with Bitcoin and Ethereum, SHIB is one of those tokens that has seen rapid growth. SHIB’s surge is a guaranteed victory for traders and investors, along with the buzz around the news of the token’s network improvement.
Prior to its Shibarium update, the coin has lately undergone a sideways market trend. Can the Shiba Inu maintain its uprising, or will it suffer?
The token may be summed up in two words: second-best compared to other meme currencies. Shiba Inu is ranked second in terms of social score, just a few percentage points behind DOGE, according to The Gem Hunters, a cryptocurrency research Twitter account. It is $5 billion behind DOGE with its current market valuation of $6.8 billion.
This would indicate that the so-called DOGE killer still has a long way to go before deposing the meme currency’s ruler. However, SHIB could overthrow DOGE in terms of societal dominance in 2023. According to recent reports, Kusama just verified a 3 trillion burn, which signifies the completion of one of the ecosystem’s objectives.
The network upgrade was also recently foreshadowed by Shytoshi, who described the debut of Shibarium as “soonauryish,” which might mean that it would happen before the first of February. The sideways trend of SHIB, however, poses a risk to its long-term prospects.
Investors and traders exercising prudence is the cause of the token’s stagnant market movement. The moment to take a profit has already passed, and the SHIB bulls are retaliating. SHIB could have a chance to revisit the $0.00001192 resistance if the token can end today’s trading day with a green candle.
However, given that the token is still volatile in the short to medium term, bears may revisit the $0.00001117 support. The Shiba Inu Shibarium enhancement, though, could allow the token a little more breathing room in these stages.
The bears will have a field day in trying to claw towards $0.00001038 support if the token ever fails to advance over $0.0000117. The $0.00001117 support should then be kept an eye on by traders and investors as this might result in more market suffering.
Shiba Inu holders may also profit from keeping an eye on the major cryptocurrencies because of the strong association between the two. Investors and traders should right now fight to keep the token supported, since SHIB depends on it.
