Shiba Inu Price is Up 12% in 7 Days - Should You Buy This Meme Coin Today?
Shiba Inu price is on the verge of another bullish breakout as investors engage in song and dance following a New Year relief rally. SHIB currently boasts 6.6% in 24-hour gains, 16.1% in weekly cumulative gains and a 19% increase in two weeks.
Live price data reveals an 18% spike in daily trading volume to $364 million, meaning investors are focused on accumulating SHIB tokens ahead of another significant rally. Over the last couple of weeks, Shiba Inu has moved a few steps to become the 15th largest crypto asset, with a market cap of $5.3 billion.
Shiba Inu price is trading at $0.0000971 while bulls face off sellers at $0.00001. A break above this hurdle could blast SHIB to $0.000012 over the weekend and set the pace for gains to $0.000013 and $0.000014, respectively.
Over the last couple of weeks, investors have shifted attention to altcoins, focusing more on meme coins like Dogecoin and Shiba Inu. According to data recently released by WhaleStats, a crypto platform tracking large transactions, SHIB is once again one of the most used smart contracts among the top 500 Ethereum (ETH) whales.
Other smart contracts appearing alongside Shiba Inu are Decentraland (MANA), Numeraire (NMR), Fortress (FORT) and Basic Attention (BAT).
That's not all; on Friday, Shiba Inu also appeared among smart contracts for the top 1,000 biggest Ethereum whales. Shiba Inu was the seventh most used contract below WETH, BOBA, NMR, ETH, USDT and USDT. Shiba Inu is the most traded token among the top 5,000 Ethereum whales.
The eight-hour chart reveals buyers have the upper hand, especially with the Moving Average Convergence Divergence (MACD) indicator. In addition to a buy signal, flashed when the MACD (line in blue) crossed above the signal line (in
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