In the context of increasing volatility in the memecoin segment, leading meme coins have shown mixed price action in recent days. Tokens like Dogecoin & Shiba Inu have successfully regained growth momentum, leading to them breaking through key resistance levels.
Additionally, the optimism of whale investors and retail investors is reaching new all-time highs, indicating increasing buying and selling pressure on the second-largest memecoin in the cryptocurrency market.
Subsequently, questions like 'Will Shiba Inu reach $1 by 2025?' and 'Will the price of Shiba Inu reach $1 in the next 30 days?' have flooded the internet. To explore the likelihood of this event, scroll down to the end.
Shiba Inu Records Price Increase
According to the latest report, the SHIB burn rate has surged by 180.85% in 24 hours to 38,126,662 SHIB tokens. Notably, during this time, there were 3 burn transactions with 2 transactions exceeding 10 million tokens in a single transaction.
Furthermore, Shibarium has introduced a limit on Remote Procedure Call (RPC) rates to enhance Decentralized Finance (DeFi), recommending developers operate individual nodes for better resilience. This comes after a major sell-off by whales; Shiba Inu may see growth from new buyers and advancements in the Shibarium ecosystem.
SHIB Memecoin Is Striving to Overcome Important Resistance Area
With a trading volume of $457.59 million, the price of Shiba Inu has dropped about 3% in 24 hours. Moreover, with a circulating supply of 589.5 trillion, this memecoin is trading at $0.0000148 and has a market capitalization of $8.75 billion. With this, it has a dominance of 0.2541% in the cryptocurrency market.
The Relative Strength Index (RSI) is on the verge of testing the neutral point in the daily timeframe, with the continuous average trend line acting as a resistance level for the SHIB price chart. This indicates mixed price action for this cryptocurrency.
While the 50-day EMA acts as support for the price chart in the 1D timeframe. On the other hand, the 200-day EMA shows strong resistance around the $0.0000160 level. By assessing the current market sentiment, this memecoin is set to witness increased price volatility in the near future.
How Far Will Shiba Inu Develop by 2025?
Maintaining a value above $0.00001525 could set the stage for SHIB price aiming for a price target of $0.000020. If bullish sentiment strengthens at that time, this could lead to the second-largest meme coin preparing to test a higher price target of $0.000025 in the coming weeks.
Conversely, if the bears overpower the bulls, this could cause the SHIB price to test the immediate support level at $0.0000125. Furthermore, if bearish sentiment intensifies, the price of the Shiba Inu token could drop to the crucial support level of $0.000010.
