Shiba Inu Mania Sparks 3 Surge in Dogecoin Rival Meme Coin Can the Rally Continue

The price of Shiba Inu Coin has risen by nearly 3% today in the context of an overall recovery in the cryptocurrency market. At the same time, the meme coin sector has also shown strong performance, indicating that investors are once again turning their attention to this sector.
Despite recent price surges in the market, ongoing market volatility seems to have affected investor sentiment. However, investors are still exploring the potential reasons for today’s rise in Shiba Inu Coin prices and are paying attention to whether it can continue to maintain this momentum.
Why has the price of Shiba Inu Coin risen?
Several factors may have contributed to today’s rise in the price of Shiba Inu Coin. Below, we will explore some of the main reasons that may have contributed to recent market sentiment.


Meme coin craze
Today’s rise in the price of SHIB may be due to the strong performance of the wider meme coin sector. The market capitalization of the entire meme coin sector has increased by 4.15% to reach $49.25 billion. In addition to the approximately 3% increase in Shiba Inu, other major participants in the sector, such as Dogecoin, Pepe Coin, and WIF, have also seen increases.
Given the growth potential of this sector, market participants seem to still be closely watching. Additionally, the low prices of meme coins have apparently attracted investors’ attention, especially in the context of overall market volatility.
Recent burning activities of Shiba Inu Coin
Shiba Inu Coin has recently attracted significant attention due to its large-scale burning activities. Recently, the burning rate of Shiba Inu has increased by over 6000%, demonstrating the community’s high regard for the burning mechanism.
This burning mechanism helps reduce the total market supply, potentially driving price increases. Considering this, the recent burning activities may boost market sentiment and indicate a potential price rebound in the coming days.
However, as of the time of writing, the burning rate of SHIB has only increased by 12% in the past 24 hours, burning 11.07 million tokens. Overall, since the initial supply, 410.72 trillion SHIB tokens have been burned, with the current circulating supply at 583.31 trillion tokens.
The latest developments and comments from the SHIB community
Shiba Inu Coin recently attracted investors’ attention with a major announcement. In the latest development, the Shiba Inu team announced the launch of the Web3 version of the popular game “Shiba Eternity.” This move will integrate the game with the Shibarium Layer 2 solution, planned for release in the third quarter of 2024.
Chief Developer of “Shiba Inu,” Shytoshi Kusama, expressed appreciation for this development. He also revealed that the game’s revenue will be used to enhance the burning mechanism of SHIB and LEASH tokens.
Will the uptrend continue?
The market is currently experiencing volatile trading conditions. Recent market trends and macroeconomic factors seem to be affecting investor risk preferences. However, despite this, on-chain data and experts still indicate that SHIB prices may rise in the coming days.
In this context, the Relative Strength Index (RSI) of Shiba Inu is currently at 31, indicating an oversold condition. Nevertheless, market observers expect a rebound in the coming days, as whales may take advantage of “buying on the dip” opportunities to increase their holdings. Additionally, since March, the price has dropped significantly, providing whales with buying opportunities.


According to CoinGlass data, open positions for Shiba Inu have increased by 1.32%, reaching $35.66 million, indicating increased investor interest in cryptocurrencies. As of now, Shiba Inu’s price has risen by 2.87%, trading at $0.00001769.
Given the recent price increase, market participants expect this meme coin to soon reach the $0.00002 level. Meanwhile, recent analysis by CoinGape indicated that Shiba Inu Coin is facing key resistance levels at $0.00001968 and $0.00002512, which are crucial for its future upward trajectory.
Breaking through these resistance points could bring significant profits. At the same time, support levels at $0.00002083 and $0.00001627 play a crucial role in maintaining stability for SHIB in times of market volatility. Successfully holding these support levels can provide stability and buffers during market turbulence.