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Shiba Inu is hovering near the highest level since March 14.
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It rose after the strong performance of Dogecoin after Twitter’s logo change.
Shiba Inu price made a strong comeback on Monday and Tuesday as investors reacted to the major Dogecoin comeback. It rose to a high of $0.000011, the highest point since March 14. The token has jumped by over 18% from the lowest point in March.
Dogecoin leads meme coin rally
The most important cryptocurrency news was the decision by Twitter to change its logo to a Shiba Inu logo. Shiba Inu is the logo of Dogecoin and is also the inspiration behind Shiba Inu’s token.
The logo change brought more enthusiasm in the meme coin industry, with Dogecoin price surging by more than 30%. This was notable because most cryptocurrencies, including Bitcoin and Ethereum have been moving sideways in the past few days.
Historically, meme coins tend to have a close correlation with each other. This explains why other popular meme coins like Dogelon Mars, Baby Doge, and Floki Inu jumped.
However, it is unclear whether Twitter’s logo change will have an impact on Dogecoin and other meme coins in the long term. It is also unclear why Elon Musk, Twitter’s CEO, decided to change the logo. At the time of writing, the logo has gone back to the original one.
The other main catalyst for the Shiba Inu price is the latest developments on Shibarium. Shibarium is the next-generation layer-2 network that will improve Shiba Inu’s ecosystem. The developers launched the beta version of Shibarium in March and is now going through testing.
Data compiled in the Block Explorer showed that there are now over 100k wallet addresses. It has also handled over 828k transactions. While this is a good number, it is substantially smaller than the hype. At the same time, the number of blocks produced has risen to over 209k.
Shiba Inu price prediction
The 4H chart shows that the SHIB crypto price has been in a bullish trend in the past few days. The coin has moved above the ascending trendline shown in blue. It also moved above the 25-period and 50-period moving averages.
It has also jumped above the 23.6% Fibonacci Retracement level and the resistance point at $0.000011, the highest point on March 18. Therefore, there is a likelihood that Shiba Inu price will likely have a bullish breakout as buyers targeted the next key resistance point at $0.00013, the 50% retracement point.