Shiba Inu (SHIB) price surged 5% in the last 24 hours, reaching $0.0000138 amid an 82% increase in trading volume to $218.5 million.
Shiba Inu Price Rise
Shiba Inu, one of the largest meme coins, saw its price go up as part of a wider crypto rally that allowed most digital assets to see significant surges.
Shiba Inu Developers' Plans
News involving Shiba Inu’s lead developer, Syhtoshi Kusama, may have also contributed to the rise. In the latest episode of the AB Majlis podcast, the developers unveiled their intention to pass control of the project entirely to its community by the end of the year, aiming for true decentralization.
Shiba Inu Price Prediction
The project's technical indicators suggest a potential price correction soon. Shiba Inu’s Bollinger bands have narrowed, which is a bearish sign. The Relative Strength Index (RSI) recently ventured into the overbought zone, suggesting a potential price adjustment in the coming hours.
Traders planning to enter late and buy SHIB should be highly cautious. Those lacking experience in handling cryptos in a highly volatile market might want to consider safer alternatives.
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