Shiba Inu’s (SHIB) Price Spiked This Morning. Could It Go Higher?
Cryptocurrency token Shiba Inu is up today, 5.62% over the last 24 hours so far, bringing the SHIB price to $0.00001271 (SHIB/USD). The coin was up much higher earlier in the day, though, spiking to $0.00001345 just before 2:00 am. The price fell from there, but not as low as it was before the spike, retaining some of its gains.
A Volatile Crypto
SHIB’s rate stood at $0.00001167 late last night, before this morning’s jump. This means that the price increased by 15% in just a few hours. That puts Shiba Inu in the top rankings for movement over the last 24 hours for the cryptocurrency market.
SHIB’s pricing has been all over the place recently, moving erratically from highs to lows in the course of just the last week. The coin had peaked at $0.00001458 on the 29th of last month. That is significant since it is the highest we have seen the Shiba Inu price reach since August. To see it still spiking close to that point this morning means that there is plenty of vitality left in this coin and consumers are interested in it as an investment.
Shiba Inu’s Path Forward
Though the crypto market has lost billions this year, a few coins are gaining traction recently and managing to achieve some of their best prices in months. Shiba Inu joins the ranks of Dogecoin and a few others that are surging back with volatile, but bullish movement or long-tail bullish trends.
Shiba Inu is enjoying a small trade volume increase today as well as a price jump. Its trade volume has increased by 16% over the last 24 hours, bringing in $651 million in that time. Just a few days ago, the coin was bringing in $2.5 billion in the same period. A lot of investors have dropped their SHIB coins, but the recent spike could draw them back in for some more trading action.
Because of renewed interest in this coin, it could be propelled much higher by early 2023, as its investors are defending the level and keeping it active despite the lack of utility it offers. Keep in mind that the coin is ranked #13 overall in the cryptocurrency market, so even though it has little real-world application, it could be more widely accepted as a form of payment by a large number of online vendors in the near future. If crypto is the future, then high ranking coins like Shiba Inu will be the first ones to be widely accepted.
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