Shiba Inu (SHIB) leads other meme coins in gains as the crypto market opens Monday on the rise
The crypto market has opened Monday’s trading session on the up and up. Most coins are surging in the early morning with meme coins like Shiba Inu (SHIB) reporting massive gains. The improved sentiment in the market is powering much of this rally and we expect it to continue for the rest of the day. Here are some highlights:
At press time, Shiba Inu (SHIB) was trading at $0.00002778, up by nearly 22% over the last 24 hours.
Other meme tokens are also Up with DOGE, SHIB’s main competitor reporting 24-hour gains of 6%.
The recent surge reflects growing confidence in the crypto market and is likely to hold in the coming days.
Data Source: Tradingview
Shiba Inu (SHIB) – can this rally continue for long?
Shiba Inu (SHIB), like most meme coins, is one of the most volatile assets to buy. It is prone to wild swings and a 22% surge in a single day isn’t really big news. But there is some real optimism that indeed the rally is the start of something special.
Besides, over the last few weeks whales have been buying SHIB in huge numbers, reflecting growing confidence in the market.
Despite this, the token has faced major resistance at the $0.000029 mark. It will be interesting to see if the bullish momentum can surge past this threshold but so far, SHIB has been rejected every time it tested the price.
Is it a good time to buy SHIB?
There is no doubt that sentiment in cryptocurrency is now heading in a positive direction. This may suggest that investor appetite for meme coins is growing. So, SHIB is a decent buy right now.
But as you would expect of any meme coins, there is always a lot of downside risk associated with these tokens. Make sure you understand the speculative nature of Shiba Inu before you buy.