Dogecoin Revival Pumps Shiba Inu Price

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Shiba Inu token price has surged this week as the Dogecoin market revived. It has now reached its highest point since March 14, at $0.000011. The token has seen a rise of over 18% since its lowest point in March.

Dogecoin revival sparks meme coin rally

The most notable cryptocurrency news this week was the decision by Twitter to change its logo to a Shiba Inu image. Dogecoin’s logo is a Shiba Inu, and this has been the inspiration for Shiba Inu’s token. 

The logo update brought a lot of enthusiasm to the meme coin industry, with Dogecoin price surging by more than 30%. This is notable, as most other cryptocurrencies, such as Bitcoin and Ethereum, have been relatively stagnant in the past few days.

It has been observed that meme coins tend to have a strong correlation with each other. This explains why other popular meme coins like Dogelon Mars, Baby Doge, and Floki Inu have also seen a boost.

The reasons behind Twitter’s logo change and Elon Musk’s decision to make the switch are unclear. As of now, the logo has returned to its original form.

The other key factor for the Shiba Inu price is the ongoing development of Shibarium. Shibarium is a layer-2 network that promises to improve the Shiba Inu ecosystem. The beta version of Shibarium was released in March, and is currently in the process of being tested.

Data taken from the Block Explorer shows that there are now over 100k wallet addresses. The platform has also handled over 828k transactions. Although this is a positive sign, it is still far from the forecasted hype. At the same time, the number of blocks produced has risen to over 209k.

Shiba Inu price prediction

The 4H chart reveals that the SHIB token has been in an uptrend in recent days. The coin has moved past the ascending trendline shown in blue, along with the 25-period and 50-period moving averages. 

It has also exceeded the 23.6% Fibonacci Retracement level, as well as the resistance mark at $0.000011, the highest point on March 18. Therefore, there is a chance of a bullish breakout as buyers target the next key resistance point, which is at $0.00013, the 50% retracement point.

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