48% rally and counting: Can Shiba Inu Coin Reach $1 By End of 2024?
- Shiba Inu have registered gains of over 48.98% in the past seven days
- SHIB currently stands as the 10th largest cryptocurrency, with a market cap of $15.64 billion.
- In the past two days alone, SHIB witnessed a monumental 56.44% rise.
Shiba Inu (SHIB) has been on a volatile but impressive trajectory, with notable price surges in the past few days that have reignited interest in the meme-inspired cryptocurrency. The meteoric rise comes amidst the results of the post-U.S. elections, which saw Donald Trump win the US elections to become the President of the USA for the second time.
Trump, with his pro-crypto stance, has managed to put the cryptocurrency market on fire, fuelling hopes of momentum and liquidity in the market. SHIB, which is the second largest meme coin, beat its counterparts TRON (TRX) and Toncoin (TON) during the intraday trading.
Where is Shiba’s momentum heading?
Shiba Inu’s momentum seems to be in an upward trend, with more buyers interested in amassing the token at the moment. The token in the past 24 hours alone, has witnessed a gain of 11.26% and it is likely to continue for the next few days.
Image Credit: Trading View
A look at the chart will reveal that the RSI of the token stands at 73.70, showcasing that there is enough interest in the token. The MACD too indicates a positive momentum is one the rise with the green charts rising with each rally.
With Shiba Inu transfers now being available across Europe, leading trading firm Robinhood has added transfers for several cryptocurrencies, including Bitcoin, Ethereum, Solana, PEPE, and Stellar. SHIB is the latest addition to this list. Through this, users can deposit and withdraw SHIB tokens. This is expected to further increase the platform’s usefulness for cryptocurrency dealers.
