Bittime – Shiba Inu (SHIB) finally surpassed the price of $0.000033 on March 28, rising 38.2% in the past week. Market indicators reveal the main catalyst behind the current surge in SHIB prices.
Emerging as the second best-performing asset among the top 50 meme coins, SHIB jumped 6% in the last 24 hours.
Shiba Inu Rises After Consolidation
On March 5, Shiba Inu's price surged to a three-year peak of $0.000045 amid a booming memecoin market. However, after that SHIB entered a two-week consolidation phase, while Solana memecoins such as Dogwifhat (WIF), BONK, and SLERF stole the show.
SHIB price fell 47.9% between March 5 and 20. However, despite the sluggish market, existing SHIB holders showed extraordinary resilience.
The dominance of media coverage by the Solana meme ecosystem in mid-March did not affect the majority of Shiba Inu holders who remained. This prevented the SHIB price from dropping below the crucial $0.000029 area until bullish momentum resumed around March 20.
Check Today's Crypto Market:
New Investors and Social Media Drive SHIB's Rise
As seen in the chart, Shiba Inu's price has been in an uptrend over the past week. With five green candles out of the last eight, SHIB's price jumped 38.2%.
More than just price movement, vital market indicators reveal key bullish catalysts behind the latest change in momentum.
Soaring Shiba Inu Adoption Rate: On March 28, Shiba Inu outperformed all meme coins except Dogecoin with a 6% increase in the last 24 hours. On-chain data trends show that the current rally is mainly driven by new investors bringing in fresh capital.
IntoTheBlock's new adoption rate metric tracks the total percentage of transactions on the blockchain network carried out by new users. The latest data shows that 45.9% of all SHIB transactions on March 27 involved new wallets making their first transactions. This figure is much higher than the 30-day average which currently stands at 40.3%.
Increased Mentions on Social Media: Increased coverage around Shiba Inu this week was another major bullish catalyst behind the positive price movement. The Sentiment Social volume ranking below assesses crypto projects based on the number of mentions earned from various relevant crypto media channels.
In the memecoin sector, Shiba Inu currently ranks second behind Dogecoin (DOGE) in terms of active social media, with a 63.5% spike in media traction in the last 24 hours.
Memecoin price movements, arguably more than any other crypto sector, depend heavily on media narratives and community activity. Therefore, spikes in the volume of mentions on social media are often seen as a leading indicator of potential price movement, as they reflect increased attention and sentiment within the community.
SHIB Price Today
Source: Bittime
SHIB is currently experiencing a decline of -5.92% so it is at $0.00002875. Previously, SHIB was at its highest price in the last 24 hours, namely $0.00003080 and its lowest price was $0.00002245.
Shiba Inu Price Prediction: $0.00004 Target Awaits
Shiba Inu's price rallied to $0.000033 on March 28, taking the monthly gain to 182%. Based on the rapid influx of capital from new users and a 63.5% spike in social media traction, Shiba Inu's price is on track to hit the $0.00004 mark and potentially close the month with a gain of over 200%.
However, to validate this optimistic forecast, SHIB holders must first clear the sell wall at around $0.000035, which coincides with the upper limit of the Bollinger Bands indicator.
If capital flows from new entrants generate enough momentum, SHIB's price could break the $0.000035 resistance and head towards the $0.000045 region.
On the other hand, with nearly 200% month-on-month gains, SHIB holders can enter profit-taking at any time. In that scenario, the SHIB price could fall to the $0.00002 area.
Also Read: SHIB Price Soars 128% in 7 Days: How to Predict SHIB Price?
Shiba Inu Investment: Strategy and Risk Management
Shiba Inu's impressive price surge certainly tempted investors. However, it is important to remember that cryptocurrency investments always involve high risks. Here are some risk management strategies and tips to consider before you decide to buy SHIB:
1. Research and Analysis
- Don't just stick to price predictions. Conduct in-depth research on the Shiba Inu project, including their future development plans and the utility of the SHIB token.
- Learn fundamentals and technical analysis. In addition to social media sentiment and new investor movements, strong fundamentals and supportive technical indicators can increase confidence in SHIB's long-term prospects.
2. Investment Strategy
- Diversification. Do not allocate your entire investment capital to SHIB. Spread your investment across various crypto assets that have good growth potential to reduce the risk of loss.
- Gradual investment. Consider implementing the Dollar-Cost Averaging (DCA) method to reduce the risk due to high price fluctuations. DCA is an investment strategy by periodically purchases crypto assets for a certain amount, regardless of the price.
3. Risk Management
- Set a stop-loss order. This will help limit your losses if the SHIB price suddenly drops drastically and invalidates the bullish predictions.
- Invest cold funds. This means funds that are not used shortly. Don't use the funds you need for daily needs for high-risk crypto investments.
Conclusion
Shiba Inu shows attractive growth potential, driven by the influx of new investors and increased social media activity.
However, as with other crypto investments, caution and the right strategy are still required. With careful research, in-depth analysis, and good risk management, you can invest in SHIB optimally.
Also Read How to Buy Crypto:
Cara Beli Shiba Inu (SHIB) di Bittime
You can buy and sell Shiba Inu (SHIB) easily and safely via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Shiba Inu (SHIB) is available on Bittime with the market pair SHIB/IDR. To be able to buy SHIB IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy a Shiba Inu (SHIB) at Bittime.
Monitor the price chart movements of Shiba Inu (SHIB), Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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