Shiba Inu Hops By 45% In A Week – What Could Have Pushed SHIB Up?
June 29 2022 - 4:37AM
NEWSBTC
Shiba Inu (SHIB) may not have been taken seriously as a crypto
asset when it was first introduced, but the meme coin has steadily
climbed the cryptocurrency rankings. The newest signals of relief
in the crypto markets following a protracted volatility may come as
a surprise to many, but the most intriguing aspect of this rebound
is that meme tokens have emerged as the largest gainers. In the
previous week or two, the majority of other coins have been
bleeding from losses or barely able to stay afloat because
of the ongoing crypto winter. Suggested Reading | ApeCoin
Climbs 22% After Snoop Dogg-Eminem Bored Ape Video Launch Shiba Inu
Continues To Defy The Trend However, Shiba Inu has been able to
defy the odds and increase by 45 percent over the past week.
Wednesday’s Coingecko stats show that SHIB is currently trading at
$0.00000975, down 9.5% from the last 24 hours. Despite the
profit-taking on Monday, the coin remained trading at the monthly
highs near $0.00001196 on Tuesday. Nonetheless, it remains 85
percent below its all-time high of $0.00008, which was reached in
October of last year. The dog-themed token briefly surpassed Tron
as the 13th biggest cryptocurrency by market valuation. Even
Bitcoin and Ethereum’s seven-day gains of 2% and 8%, respectively,
were eclipsed by this rally. According to Yunometa’s founder,
Arijit Mukherjee: “Shiba Inu appears to be benefiting from hints of
bottom fishing and a larger mood comeback on the cryptocurrency
market.” Yunometa noted that considering SHIB’s large social media
presence and devoted fanbase, it’s not hard to understand why the
coin’s price has risen in tandem with DOGE’s rally. SHIB total
market cap at $5.3 billion on the daily chart | Source:
TradingView.com Meme Token Takes Fed Stance Favorably Jerome
Powell, the chairman of the US Federal Reserve in the United
States, stated on June 23 that the Fed was committed to tackling
historically high inflation. In addition, he agreed that a rapid
rise in interest rates could lead to job cuts. The central bank’s
more lenient position on interest rates looked to have a favorable
effect on the equity and crypto markets. Meme coins outperformed
the rest of the market following the Fed’s statement. Suggested
Reading – Uniswap Slingshots 45% – Can UNI Blaze Past Its
7-Day Rally? Meanwhile, it is interesting to note that after
rising as one of the leading meme-based cryptocurrencies over the
past year, Shiba Inu’s prospects are deteriorating as a result
of waning interest in the token as it continues to endure
major price decline. According to data provided by Finbold, the
popularity score for Google search queries including the keyword
“Buy SHIB” dropped by 100 percent over the past year, from 8 in
June 2021 to zero this month. Featured image Fintechs.fi, chart
from TradingView.com
Uniswap (COIN:UNIUSD)
Historical Stock Chart
From Aug 2024 to Sep 2024
Uniswap (COIN:UNIUSD)
Historical Stock Chart
From Sep 2023 to Sep 2024