The Shiba Inu price rebounded on Monday as demand for the meme coin resumed. The SHIB token jumped by more than 20% and reached a multi-week high of $0.000031. This price was the highest it has been since October 7 and was about 55% above the lowest level this month.
Shiba Inu has a market capitalization of more than $11.2 billion, making it the 18th biggest cryptocurrency in the world. It sits between Bitcoin Cash and Algorand.
Why is the SHIB price surging?
There are three main reasons why the Shiba Inu price is jumping. First, the price is rising as part of the overall cryptocurrency rally. Bitcoin rose above $57,000 for the first time since May and there is a likelihood it will fly to about $60,000 in the near term. This price action has led to more demand for relatively cheap cryptocurrencies like Shiba Inu and Dogecoin.
Second, the SHIB price is jumping because of the same reasons it did last week. The main catalyst was a tweet by Elon Musk, in which he referenced his dog. Some analysts viewed that as being bullish on Shiba Inu. The tweet also pushed more investors to the so-called Floki cryptocurrencies like Floki Inu and Shiba Floki.
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Third, there has been significant interest in Shiba Inu, which has pushed its volume substantially higher. More people are searching for it in Google while its volume in key exchanges has jumped. Indeed, data compiled by CoinMarketCap shows that SHIB has had a volume of more than $4.47 billion in the past 24 hours. Dogecoin, on the other hand, has had a volume of more than $1.7 billion.
Shiba Inu price prediction
The hourly chart shows that the SHIB price jumped above a key resistance level at $0.000030 on Monday. This was a notable resistance level since it was the highest level on October 9. At the same time, the coin has managed to remain above the ascending trendline that is shown in green.
Volume has risen while the price is above the 25-period and 50-period moving averages. Therefore, there is a probability that the Shiba Inu price will keep rising as bulls target last week’s high of $0.000037, which is about 18% above the current level.
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