In the latest crypto market news, Shiba Inu is the best-performing of the top 15 digital currencies today after a 16% price rally.
What triggered the significant value gain and is this rally even sustainable?
On Wednesday, March. 26, Shiba Inu outperformed virtually the top 10 digital assets in terms of daily gains. SHIB prices rallied by more than 16%, from the intra-day lows of $0.0000134 to hit the highs of $0.00001561 – for the first time in 45 days.
With the gains came a significant appreciation of its market cap, which helped it overtake Toncoin (TON) and UNUS SED LEO (LEO) to become the 14th largest digital asset by market cap. Its daily trading volumes also surged by 130% to reach $483 Million.
Why is Shiba Inu Rallying Today?
SHIB’s gains may be attributed to two key factors. First is the slightly bullish mood of the larger crypto industry over the last 24 hours.
The industry added 1% to its market cap to hit $2.9 Trillion while the price of top coins Bitcoin and Ethereum jumped by a similar margin.
However, the biggest catalyst for today’s price jump was the announcement that Shiba Inu’s team would add a DeFi platform – Shib Finance – to the Shib ecosystem.
According to a post made on the X.com platform, the team is confident that Shib Finance “take the Shib ecosystem to a whole new level — moving beyond swapping tokens to offering full financial services like lending, borrowing, saving, and more.”
But Can SHIB Sustain this Uptrend?
Shiba Inu has been under immense selling pressure, and its prices crashed to multi-year lows of $0.00001095 earlier in the month.
At the time, more than 60% of SHIB hodlers were staring at unrealized losses and the dog-themed meme coin threatened to add another zero to its price.
Today, several on-chain indicators suggest that SHIB is on a path to recovery. For instance, technical analysis of the joke coin shows that its bullish momentum has been rising steadily for two weeks.
The RSI level has shot from the low of 31 to today’s bullish territory of 64. Its MACD line also crossed the signal line 13 days ago and is now on the verge of climbing up the positive territory. These suggest that we may be seeing a bullish reversal soon.
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