SHIBs up 22% in One Week
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An editor at Coincrop
02 Nov 2022 | 2 min read
n the past week, the price of Shiba Inu has increased significantly because of memecoin-related hype. In just 24 hours, SHIB coin has gone up by 5.74%, and in the past 7 days it is up more than 30%.
The increase in value for meme coins is most likely because of Twitter's recent takeover by Elon Musk. There is talk about a possible integration with Dogecoin, adding fuel to the fire. With SHIB army's continuous support shown through social media platforms, the token has become exceedingly more popular.
Many are wondering how long this recent upsurge in the market will last. Although it can be tough to foresee the future, analysing the market trends carefully can help traders make wiser decisions about their trades.
SHIB's RSI indicator is closing in on 66.48, which signals overbought territory to traders. Because of this, it would be wise to exercise caution and anticipate a potential price dip down to $0.0000100 support levels.
Given that SHIB has a large circulating supply and market cap, it would take a long time for it to 10x from current prices. For this reason, many traders are looking at alternatives as potential investments.
MikeAn editor at Coincrop
Mike is a Coincrop staff writer based in the UK, covering the best rates for cryptocurrency earning and borrowing products. When not at work, he's likely putting his latest car project back together.
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