Shiba Inu (SHIB) has experienced a significant trading resurgence, with its 24-hour volume surging over 50% to reach $519 million while its price rose 5.16% to $0.00001479. This bullish momentum marks one of the strongest performances in the memecoin sector amid favorable market conditions.
Analysts attribute SHIB’s upswing partly to Ethereum’s recent performance, as the token operates on its blockchain. Ethereum breaking above the $3,000 threshold has stimulated wider market activity, benefiting ERC-20 tokens including Shiba Inu through network-driven momentum.
Technical indicators augment the positive outlook. SHIB has decisively crossed both its seven-day and 30-day moving averages, signaling strengthening short-term momentum. Bollinger Bands pattern analysis suggests potential for a 20% price appreciation to retest the key $0.000020 resistance level in the near term.
Investor sentiment remains optimistic due to SHIB’s deflationary tokenomics, featuring persistent token burns that reduce overall supply. Coupled with favorable broader market dynamics, these fundamentals provide underlying support for price growth. Market observers note that sustained ecosystem development and continued positive momentum from Ethereum could catalyze further gains.