One of the most well-known memetokens on the market has stunned investors with a 10% rally that has boosted its value back to levels not seen in nearly two weeks.
Shiba Inu had plummeted to the local trendline support and had been moving off of it for the last few days, which worried investors because the trading volume signaled that another increase in selling pressure would put SHIB at risk of a strong plunge and bigger losses.
Fortunately, recent news about the Shiba Inu Metaverse has resulted in some inflows to the memetoken. A former Netflix star is said to have joined the Shiba Inu Metaverse team. The announcement could be the driving force behind the current rally on Shiba Inu.
A technical and market overview
A strong news backdrop is always welcome for volatile assets like Shiba Inu, however, the token’s price performance is most likely correlated to market-related events than Shib Metaverse news.
The most volatile cryptocurrencies on the market have seen huge inflows and short-term rallies in the last 24 hours, propelling them to the top of the profitability leaderboard. Shiba Inu was no different.
The most likely reason for the pump is the European Central Bank’s expected reaction to rising inflation, as well as Powell’s rather calm speech. The market has been somewhat oversold in recent weeks, so the increase we are seeing today could be nothing more than bulls’ reaction to the most recent swings we have seen on the crypto market.
Shiba Inu is currently trading at $0.000013 at the time of writing.