As buyers responded to the first Dogecoin comeback on Monday and Tuesday, Shiba Inu value made a significant revival. It increased to a high of $0.000011, its highest point since March 14. The coin has increased more than 18% since its lowest point in March.
Meme currency rally leader is dogecoin
Important cryptocurrency knowledge was Twitter’s decision to change its logo to a Shiba Inu logo. Dogecoin’s brand, Shiba Inu, may have served as an influence for Shiba Inu’s token.
The Dogecoin price increased by more than 30% after the new logo sparked more interest in the meme currency market.This was significant because the majority of cryptocurrencies, including Bitcoin and Ethereum, have been moving sideways over the past few days.
Meme currency has historically had a strong relationship with one another. This explains why various well-known meme icons leaped, including Dogelon Mars, Child Doge, and Floki Inu.
Uncertainty exists regarding the long-term impact of Twitter’s new logo on Dogecoin and other parody currencies. Usually, it’s hard to tell why Twitter CEO Elon Musk decided to change the name. As of the time of writing, the name has returned to being distinctive.
The most recent advancements on Shibarium are the opposing essential catalyst for the Shiba Inu value. Shibarium is a layer-2 community of the future that can improve the ecology of Shiba Inus. In March, the creators released the initial version of Shibarium, which is currently undergoing testing.
The Block Explorer’s data showed that there are truly more than 100,000 pockets addresses. Additionally, it has handled over 828k deals. Although this is a respectable amount, it is much less than the hype. The number of blocks produced at the same moment has increased to over 209k.
Shiba Inu is a good pick
The SHIB cryptocurrency value has been in a bullish trend for the past few days, as shown by the 4H chart. The coin has crossed over the blue, rising trendline. Furthermore, it rose above the 50-period and 25-period reversal moving averages.
Additionally, it has risen above the support level at $0.000011, the highest level on March 18, and the 23.6% Fibonacci Retracement degree. Shiba Inu worth may then appear to have a bullish breakout as investors concentrate on the next significant support level at $0.00013, the 50% retracement level.
Advice on buying a Shiba Inu
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