The overall crypto-meme industry is currently experiencing a significant upside movement, with meme coins like WIF, PEPE, FLOKI, BONK, SHIB, and others seeing massive price surges. On May 29, 2024, the world’s second-biggest meme coin, Shiba Inu (SHIB), broke its silence by surging more than 18% in just 24 hours.
The reason behind SHIB’s upside move
The potential reason for this price surge is the approval of the spot Ethereum ETF (Exchange Traded Fund) in the United States. SHIB is built on the Ethereum blockchain, and since the Ethereum ETF got approval on May 23, 2024, the majority of Ethereum-based meme coins, including PEPE, FLOKI, NOT, and others, have surged. However, SHIB was the only top meme coin that had struggled over the last three weeks.
In addition to this massive price surge, the Open Interest in SHIB has significantly increased by 35% in the last 24 hours, highlighting investors’ and traders’ confidence and interest in SHIB. Furthermore, the 24-hour trading volume has increased by 106%, indicating strong investor participation.
SHIBA technical analysis and key levels
This significant surge in Open Interest and trading volume signals bullish sentiment. According to expert technical analysis, SHIB is looking bullish as it has given a breakout from a bullish flag and pole price action pattern and a strong consolidation zone. If SHIB closes a daily candle above the $0.000029 level, it could surge nearly 50% and hit the $0.000045 level in the coming days.
Currently, SHIB is trading near $0.000029, and in the last 24 hours, it has experienced a massive 18% upside momentum. Looking at SHIB’s performance over a longer period, it has seen an 11% upside move in the last 7 days and a 23% upside move in the last 30 days, indicating stability and consolidation over the past month.
In addition to SHIB, other meme tokens, including WIF, NOT, FLOKI, BOME, and BONK, have also experienced substantial price surges of over 22%, 21%, 10%, 15%, and 14%, respectively, in the last 24 hours. This widespread surge across various meme tokens suggests that investors are increasingly inclined to invest in the meme token market, driven by the recent developments and overall bullish sentiment in the cryptocurrency market.
