Shiba Inu's growing success: 125% increase - What causes prices to rise?🤯💥📈
With an increase in overall confidence in the cryptocurrency market, the Shiba Inu (SHIB) has seen significant growth recently, coinciding with Bitcoin's rise above $63,000.
The value of the meme has skyrocketed, with a remarkable 50% increase in the past 30 days, a staggering 124% rise in the past week, and a remarkable 61% rise in the past 24 hours alone.
SHIB has managed to enter positive territory for 2023 with an increase of 10% since February, and its market value exceeded $8.5 billion for the first time in a year.
Technical indicators reinforce this upward trend, with a significant 75% rise in trading volume indicating renewed investor interest following the recent price surge above $0.000014. This could indicate a potential breakout from previous consolidation, and if buying pressure persists, it could mean further upward movement.
With the total market value of cryptocurrencies approaching $2.5 trillion, speculation is growing about a potential rise. While an increase in market capitalization indicates a return of investor optimism, past performance does not guarantee future results.
Significant price increases seen in these volatile assets may indicate increased retail investor participation, which could lead to enhanced values but also increased volatility.
The position of SHIB investors
The shift in investor sentiment towards Shiba Inu (SHIB) is an interesting technical signal. While only 10% of SHIB investors were profitable in September 2022, more than 50% of them are now profitable. This shift underscores the positive impact of the recent rise in prices and, if it continues, could lead to increased buying pressures.
