Shiba Inu (SHIB) led other meme coins after its value rose when the crypto market opened higher on Monday.
The crypto market opened Monday with volatile trading, and most coins climbed in the morning, led by meme tokens such as Shiba Inu (SHIB), which reported a notable gain. Improved market sentiment is driving this rally, and it looks likely to continue through the day. Highlights include:
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At the time, Shiba Inu (SHIB) was trading at $0.00002778, up nearly 22% over the past 24 hours.
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Other meme tokens, including DOGE — a major competitor to SHIB — also posted gains, with DOGE up about 6% in the last 24 hours.
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The recent rise reflects growing confidence in the crypto market and may persist over the coming days.
Data source: TradingView
Shiba Inu (SHIB) — Will this rally last?
Shiba Inu (SHIB), like most meme coins, is among the most volatile assets to trade. It tends to swing sharply, so a 22% one-day increase is not unprecedented. Still, there is optimism that this rally could mark the start of something more significant.
In recent weeks, whale buying has accumulated substantial SHIB positions, which further signals increased market confidence.
However, the token faces a key resistance level at $0.000029. It will be important to watch whether upward momentum can break past that threshold; so far, SHIB has been rejected each time it tested that price.
Is now a good time to buy SHIB?
There is no doubt that sentiment in the broader cryptocurrency market is improving, which could indicate renewed investor interest in meme coins. That context makes SHIB an attractive buy for some traders right now.
That said, as with other meme tokens, SHIB carries significant downside risk and high speculative characteristics. Make sure you understand the token’s volatility and speculative nature before deciding to buy.