Shiba Inu (SHIB), one of the popular cryptocurrencies referred to as meme coin, has seen a huge increase in daily active addresses recently. This increase had a positive impact on the price of SHIB. SHIB also strengthened against Bitcoin and Ethereum. What is the reason for the rise in the price of SHIB? Here are the details.
Closely followed crypto trader Ali (@ali_charts) said that popular meme coin Shiba Inu (SHIB) has seen a huge spike in daily active addresses recently. shared. According to Santiment data shared by Trader, SHIB reached the highest level of the year in the number of daily active addresses with this increase.
According to the data in the trader’s share, SHIB has about 35,788 unique wallet addresses interacting on the network recently.
This increase in activity also had a positive impact on the meme coin price, according to CoinMarketCap. SHIB has gained 4.51% in the last 24 hours. This has also contributed to its weekly performance: its total earnings over the last 7 days have increased to about 6.84%. As a result, the price of SHIB is currently located at $0.00001126. SHIB has also managed to strengthen against the two biggest cryptos by market cap over the past 24 hours. Currently, SHIB is up 4.35% against Bitcoin (BTC) and 4.52% against altcoin leader Ethereum (ETH).
With this rise, SHIB tried to break above the $0.00001121 resistance twice in the last 48 hours. Both attempts broke above this level of SHIB, but failed to close the respective trading sessions above this level as the bears took action. A bullish flag is about to form on the daily chart of SHIB as the 9-day EMA line tries to break above the longer 20-day EMA at the time of writing. In such a case, the price of SHIB may increase further in the coming days.
Additionally, SHIB’s recent price performance can be attributed to a combination of factors such as positive market sentiment, increased adoption and strong community support. However, it is an important step for the development team and community to take advantage of this momentum to create a sustainable ecosystem in the meme coin project. If the meme coin continues to gain traction, the project could grow even bigger and continue its success.
You can follow the current price action here.