TLDR
Bitcoin breaking $100,000 coincides with SHIB’s 249.6% rise since December 2023
SHIB’s total supply of 590T makes a $1 value mathematically improbable
Technical analysis suggests potential 265% gains if SHIB breaks its 4-year compression range
Exchange supply has decreased from 220T to 144T SHIB since 2021, indicating reduced selling pressure
Trump’s potential nomination of Paul Atkins for SEC chair and Powell’s BTC-gold comparison driving market optimism
The cryptocurrency market has witnessed a notable upturn as Bitcoin breached the $100,000 mark, with Shiba Inu (SHIB) demonstrating remarkable growth patterns. Data shows SHIB has gained 249.6% since December 2023, marking a substantial increase in value.
Recent market data indicates SHIB has posted gains of 6.1% in 24 hours, 23.1% weekly, and 31.5% over two weeks. The monthly performance stands at an impressive 83.5%, highlighting sustained upward momentum.
The surge coincides with several market-moving events, including Donald Trump’s announcement regarding the potential nomination of Paul Atkins as SEC chair. This development has sparked optimism within the cryptocurrency community, which has long advocated for new leadership at the regulatory body.
Federal Reserve Chair Jerome Powell’s recent comments comparing Bitcoin to gold have added another layer of positive sentiment to the market. These institutional acknowledgments have contributed to the broader market rally affecting various cryptocurrencies, including SHIB.
Technical analysis of SHIB’s price movement reveals a pattern similar to XRP’s previous breakout. The token appears to be approaching a breakout from its four-year compression range, suggesting potential future gains.
Shiba Inu Price on CoinGecko
Supply dynamics paint an interesting picture of SHIB’s market position. Since 2021, the supply available on exchanges has decreased from 220 trillion to 144 trillion SHIB. This reduction in exchange supply typically indicates decreased selling pressure and could support continued price appreciation.
Market observers note increased activity in SHIB’s network, evidenced by a spike in active addresses. However, current activity levels remain below the peaks seen in early 2024 and 2021, suggesting room for growth in user engagement.
The weekly Relative Strength Index (RSI) for SHIB shows the token’s trend strength without reaching overbought levels. Historical data indicates SHIB previously achieved local tops when the weekly RSI exceeded 80, suggesting potential for additional upward movement.
Looking at specific price targets, technical analysis suggests a potential breakout target of $0.000114, representing approximately 265% gains from current levels. Intermediate targets align with early 2024 highs and $0.000065.
Price predictions from platforms like CoinCodex offer varying perspectives on SHIB’s short-term movement. Their analysis suggests potential price fluctuations in the coming weeks, though these predictions should be viewed within the context of broader market conditions.
The total supply of SHIB stands at 590 trillion tokens, a figure that creates mathematical constraints on potential maximum prices. This supply metric remains a key consideration for realistic price projections.
Market participants have noted the positive impact of increased institutional involvement in the cryptocurrency sector, including the filing of various crypto-based ETFs. These developments contribute to the overall market environment affecting SHIB’s price action.
The cryptocurrency’s performance correlates with Bitcoin’s movement past $100,000, demonstrating the interconnected nature of the crypto market. BTC’s achievements often create ripple effects throughout the altcoin market.
Trading volume data shows increased market participation, reflecting growing interest in SHIB. This metric, combined with reduced exchange supply, provides insight into current market dynamics.
Current price levels represent a notable increase from previous trading ranges, though they remain within historically observed parameters. The token continues to trade actively across major exchanges.
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