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Updated November 6th, 2021 at 11:02 IST

Shiba Inu rallies 30% in last 24 hours; Why is SHIBA Going up again? All you need to know

According to FX Empire, SHIB is up by 29% since the start of the day and is trading at $0.0000572. It can become the 10th-largest cryptocurrency by market cap

Reported by: Vidyashree S
Edited by: Vidyashree S
shiba inu price prediction
Image: UNSPALSH | Image:self
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In a recent update to the cryptocurrency market trends, Shiba Inu is one of the best performing cryptocurrencies as it has added more than 28 per cent to its value over the last24 hours. The meme coin is making a move towards the top ten list again.

According to FX Empire, SHIB is up by 29% since the start of the day and is trading at $0.0000572. It can become the tenth-largest cryptocurrency by market cap again as its market cap is above the $30 billion level again, and can surpass the USDC stablecoin. 

Why is Shiba Inu going up?

While a few days back, SHIB had experienced a massive dip, and as a result, a whale moved more than $2.3 billion worth of SHIB tokens, and in a massive sell-off of the coin, observed a decline in its trading price.

Will Shiba Inu reach 1 cent?

Over the next few hours, Shiba Inu could top the $0.000065 resistance if it can maintain its current momentum. With its MACD line deeply within the positive territory, the SHIB/USD chart is bullish. Indicating that more buyers are coming into the market than sellers, SHIB’s RSI is also heading into the overbought territory. SHIB could rally higher and make a move towards the $0.000070 mark by surpassing the $0.000065 resistance level. Following this, Shiba Inu would become the tenth-largest cryptocurrency by market cap and surpassing USDC. 

Should you invest in Shiba Inu?

Should SHIB surge towards that level again, then it would need the support of the broader cryptocurrency market as it is still down by 34% from its all-time high of $0.00008616. 

Earlier on October 24, Jonathan Cheesman, head of over-the-counter and institutional sales at crypto-derivatives exchange FTX, said in an email, “Memes have value and have been an investible thesis in 2021".

While Vijay Ayyar, head of Asia-Pacific with crypto exchange Luno Pte., had said in a message, “With such meme coins it’s hard to speculate on the actual reasons for price movements, in all honesty".

(Image: UNSPLASH)

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Published November 6th, 2021 at 10:36 IST

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