Gushiken Yona
Shiba Inu ($SHIB) has decisively broken free from a stubborn four-year downtrend, igniting fervent speculation that the popular meme coin could be on the cusp of reaching a new all-time high (ATH) in 2024.
This weekend proved exceptionally bullish for the world’s second-largest dog-themed cryptocurrency by market capitalization, witnessing a staggering $7 billion surge in trading volume within just 24 hours. This explosive activity has fueled expectations of a major price breakout, potentially shattering previous price records.
Market analysts are now closely examining the catalysts behind this momentum, pondering the question: Can Shiba Inu price reach a new ATH in 2024, and what are the key factors driving this potential surge?
Shiba Inu Surges
In the past 24 hours, Shiba Inu’s trading volume more than doubled the combined activity of major altcoins like TONCoin ($TON), Avalanche ($AVAX), and Tron ($TRX). During this period, $SHIB’s price climbed 8.87%, reaching $0.0000314 as of 9:07 PM ET on Sunday, December 1, 2024. This represents a weekly gain of 24.39% and a remarkable monthly increase of 77.04%, underscoring sustained bullish momentum.
dhel*SHIB l SHIB.io (@dhelSHIB on X), a respected Shiba Inu community member, highlighted key technical developments, noting that $SHIB breached resistance at $0.00003142 and established a new support level at $0.00003078. “Bulls are in control for now,” he remarked, while also cautioning that overbought conditions might lead to short-term pullbacks.
Ecosystem Developments Fuel Optimism
The optimism surrounding Shiba Inu is driven by significant advancements within its ecosystem. Projects like ShibaSwap, the decentralized exchange, and the upcoming Shibarium network upgrade have captured investor attention. These initiatives aim to improve $SHIB’s scalability and utility, setting the stage for potential long-term growth.
Kaal, the pseudonymous tech wizard of Shiba Inu, expressed enthusiasm for the community’s role in supporting the cryptocurrency’s growth. “#SHIBARMY, let’s unleash our pawsitivity! 🐕 Let’s bark at all the CEXs who’ve been digging up millions in trading fees from $SHIB to join the Shibarium pack and our ecosystem tokens $BONE and $LEASH! 🦴.”
Shiba Inu Price Outlook
As Sunday night ET, Shiba Inu’s market capitalization stands at $18.44 billion, reflecting an 8.44% daily increase, data from CoinMarketCap showed. While $SHIB’s circulating supply of 589.51 trillion tokens poses challenges for price movements, the cryptocurrency’s growing adoption and strong community support may help offset this issue.
The surge in trading volume, coupled with sustained price gains, signals heightened investor confidence. Shiba Inu’s breakout from its multi-year downtrend, coupled with unprecedented trading activity, marks a pivotal moment for the cryptocurrency.
Read More
- Shib Tech Wizard Kaal Speaks Up On Shiba Inu Burn Mechanism, Teases More Cost-Effective Solutions
- Shibarium Hard Fork Coming Next Week – Key Upgrade to Boost Performance
- Shiba Eternity Web3 Tournament 5 Is Here And $BONE Is on the Line
Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
