Price: $0.39361 4.1073%
Market Cap: 57.82B 1.755%
Volume (24h): 8.8B 0.4%
Dominance: 1.755%
Price: $0.39361 4.1073%
Market Cap: 57.82B 1.755%
Volume (24h): 8.8B 0.4%
Dominance: 1.755% 1.755%
  • Price: $0.39361 4.1073%
  • Market Cap: 57.82B 1.755%
  • Volume (24h): 8.8B 0.4%
  • Dominance: 1.755% 1.755%
  • Price: $0.39361 4.1073%
Home > Information news > Shiba Inu Surpasses Rivals in Short-Term Gains

Shiba Inu Surpasses Rivals in Short-Term Gains

Release: 2024/05/28 16:04 Reading: 786

Original author:BH NEWS

Original source:https://coinmarketcap.com/community/articles/66557d64239406550ce574bc

Shiba Inu Surpasses Rivals in Short-Term Gains

Shiba Inu Outperforms Rivals in Short-Term Gains

Introduction

Shiba Inu (SHIB) has emerged as a formidable competitor in the meme token market, surpassing rivals like Pepe (PEPE) in short-term gains over the past week. Despite SHIB and Dogecoin (DOGE) recording modest gains of less than 1%, PEPE has delivered an impressive 22% return to speculators. This performance shift has highlighted the dynamic trading volumes and market sentiment surrounding these popular meme tokens.

Key Trading Volumes

Data indicates that PEPE's daily trading volume has soared to $3 billion, dwarfing SHIB's $500 million and DOGE's $1 billion. This surge suggests a strong "Fear of Missing Out" (FOMO) sentiment among investors. Meanwhile, SHIB has been trading sideways since mid-April, raising concerns among its short-term holders.

SHIB's Breakout Potential

SHIB has encountered resistance at the $0.000027 mark, oscillating between the 50% and 61.8% Fibonacci levels. Repeated attempts to surpass this range have been met with resistance, creating a bearish order block that inhibits upward movement. SHIB bulls require a decisive daily close above the 50% Fib level to initiate a bullish trend, but the current neutral RSI indicates a lack of strong buying pressure.

Strategies for SHIB Investors

  • Monitor trading volumes to gauge market sentiment and anticipate price movements.
  • Observe daily closes above the 50% Fibonacci level as an indicator of potential upside.
  • Analyze on-chain metrics for signs of increased selling pressure or bullish sentiment.
  • Leverage mixed signals in the futures market to inform strategic trading decisions.

Current Market Sentiment

Despite a rise in SHIB's open interest to $90 million, suggesting bullish sentiment in futures, on-chain data reveals increased selling pressure with more SHIB tokens being moved to exchanges. Negative market sentiment underscores a pessimistic outlook for SHIB's price in the short term. However, if SHIB can expand its trading range, investors can capitalize on these fluctuations to secure profits and re-enter the market strategically.

Source: BH NEWS

Selected Topics

  • Dogecoin whale activity
    Dogecoin whale activity
    Get the latest insights into Dogecoin whale activities with our comprehensive analysis. Discover trends, patterns, and the impact of these whales on the Dogecoin market. Stay informed with our expert analysis and stay ahead in your cryptocurrency journey.
  • Dogecoin Mining
    Dogecoin Mining
    Dogecoin mining is the process of adding new blocks of transactions to the Dogecoin blockchain. Miners are rewarded with new Dogecoin for their work. This topic provides articles related to Dogecoin mining, including how to mine Dogecoin, the best mining hardware and software, and the profitability of Dogecoin mining.
  • Spacex Starship Launch
    Spacex Starship Launch
    This topic provides articles related to SpaceX Starship launches, including launch dates, mission details, and launch status. Stay up to date on the latest SpaceX Starship launches with this informative and comprehensive resource.
  • King of Memes: Dogecoin
    King of Memes: Dogecoin
    This topic provides articles related to the most popular memes, including "The King of Memes: Dogecoin." Memecoin has become a dominant player in the crypto space. These digital assets are popular for a variety of reasons. They drive the most innovative aspects of blockchain.