Shiba Inu (SHIB) hits a two-year high of $0.00002775, surging over 176% in one week.
The open interest in SHIB futures has surpassed the $100 million mark.
The leading meme coin, Shiba Inu (SHIB), has emerged as a standout performer, hitting a two-year high of $0.00002775, marking a staggering 176% rally over the past week. This surge coincides with Bitcoin’s ascent to $65,500, its highest point since November 2021, signaling a bullish turn in the global crypto market.
Shiba Inu’s recent surge appears to follow the same patterns observed in past bull market cycles, where assets like NFTs and meme coins gained significant traction in the 2021 bull run.
According to recent data, SHIB showcased a substantial increase in futures activity, with the notional open interest surpassing $100 million for the first time since August 2023. Moreover, SHIB’s market cap has climbed over 186% in the past seven days, rising from $5.62 billion to $15.43 billion.
Additionally, Shibarium, Shiba Inu’s layer-2 solution, experienced a surge in on-chain activity, processing over 3.4 million transactions in late February. At the same time, a notable spike in the SHIB burn rate removed over 68 million tokens from circulation within the last 24 hours.
Can Shiba Inu (SHIB) Maintain Its Current Surge?
At the time of writing, Shiba Inu traded at $0.00002612. Despite the recent rally in the price of Shiba Inu, its trading volume has decreased slightly compared to the recent highs. On March 2, SHIB’s trading volume reached a peak of $6.4 billion.
However, the decline in selling pressure positions SHIB favorably to maintain levels above $0.000023, potentially advancing 50% towards the next milestone price of $0.00003.
Technical indicators suggest that if SHIB finds a reversal, it may establish a support buy-wall at $0.000020 to mitigate downside risks. However, a breach of this support level could precipitate a significant decline towards $0.000017.