• Shiba Inu (SHIB) has risen by 4% in the past 24 hours as the cryptocurrency market recovers from the weekend’s selloff.
• SHIB is still down 1.5% in a week and 15% in the last 30 days, but it has risen 35% since the beginning of the year.
• Investors are turning to crypto due to fears over banking system instability and the launch of Shibarium layer-two network may further boost SHIB’s price.
SHIB Price Increase
Shiba Inu (SHIB) has risen by 4% in the past 24 hours as the cryptocurrency market recovers from a weekend selloff. At $0.00001099, SHIB remains down 1.5% in a week and 15% in the last 30 days, although it has seen an increase of 35% since January 2021. The token is one of most traded ERC-20 tokens according to WhaleStats data and accounts for some of largest holdings (in dollar terms) among large investors.
Reason for Rally
The current rally could be attributed to growing fears over banking system instability and speculation that investors may turn to crypto as a result. Multiple banks have failed recently including Silvergate, SVB, Signature Bank and Credit Suisse stocks have shown massive declines indicating investor unease with traditional financial systems. The Federal Reserve and other bodies have stepped in to calm markets but there is still uncertainty if this will stabilize immediately which could benefit SHIB prices going forward.
Shibarium Launch
The launch of Shibarium layer-two network also provides another potential boost for SHIB prices as this would provide additional liquidity for traders and improve transaction speeds on blockchain networks using Shiba Inu’s native token. The platform entered beta testing over the weekend so its impact on SHIB’s price will be closely monitored going forward once it launches fully later this year or early 2022..
Near Term Predictions
In terms of near term predictions, indicators suggest that its current rally could last for a few more days with its relative strength index (purple) jumping from 30 to just over 40 after being previously sold off heavily indicating that today’s rally might continue throughout this week if it can break through resistance at $0.000015 level where it had been stuck during March 2021 month end.. It’s likely that if SHIB succeeds then it may rise even higher with an eye towards hitting $0.00001250 before month end making short term investments into cryptocurrency worthwhile considering recent news regarding banking sector issues mentioned earlier..
Conclusion
Overall, Shiba Inu (SHIB) has seen an impressive recovery despite being down by 1.5%, 15%, respectively in one week and thirty day period while rising remarkably by 35 % since 2021 starting prices given widespread fear amongst investors related to banking sector issues worldwide along with potential advantages provided by shibarium layer two network scheduled to launch soon which could further add fuel into fire driving prices even higher than before..
