Shiba Inu (SHIB) has gained 7% in value in the past 24 hours, making it more valuable than Dogecoin (DOGE) at this time. This is a part of the recent rise in the market for meme coins.
The general rise of 7.82% in the meme coin niche has helped Shiba Inu token move forward, bringing in an immense number of trades and attention. It is interesting that SHIB’s volume has grown faster than DOGE’s, which could mean short-term growth, according to on-chain statistics.
Ali Martinez, a cryptocurrency expert, has found a trend that shows the token’s value going up by 20%. This makes people even more optimistic.
According to Coinmarketcap, trading volume for Shiba Inu has grown by 320% in the last day, while trading volume for DOGE has grown by 160%. According to the analytics platform IntoTheBlock (ITB), DOGE has generally been better in the long term than SHIB.
SHIB Short-Term Advantages Highlighted
However, recent trends show that SHIB is likely to do better in the short term. ITB’s metrics show that the number of DOGE holders has grown by 1.86% over the past month, while the number of Shiba Inu token holders has grown by only 0.43%.
However, short-term interest favors SHIB, especially among investors holding Shiba Inu token for 1 to 12 months, as it has grown by 5.69% over the same time period while DOGE has decreased by 2.44%.
This rise in volume and short-term action makes it look like Shiba Inu is about to break out of a parallel channel that is going down and has lower highs. As crypto expert Ali Martinez pointed out on social media, SHIB has been stuck in this channel since the end of April.
Based on how prices are moving at the moment, it appears that we are at a key point for either a breakout or a reverse. Martinez believes that $0.00002444 is the point where things will break. This could cause a 20% rise to $0.00002954, which is the top of the falling channel. SHIB could go back to the $0.00003 price range if the uptrend continues.
Right now, $0.0000236 is how much SHIB is worth. The price might decrease to $0.0000211 if the support level at $0.00002444 is not broken.
