The popular meme coin, Shiba Inu coin’s [[SHIB] eventful rally has caught the attention of the Indian crypto community this festival season. The asset was found trending on several social media platforms especially on Twitter. Homegrown crypto enthusiasts could not have asked for better timing. As the country welcomes the festival of lights, the younger generation investors are busy accumulating and gifting SHIB tokens instead of the traditional gold. This was observed by Edu Patel, Chief Executive Officer of Mudrex, a San Francisco-based crypto trading platform based. He said,
“We are slowly starting to see a mentality shift in the age group of 25-40 years towards cryptocurrencies. We have noted that people would be interested in being able to give cryptos to their loved ones as a gift during festivals.”
Interestingly, the canine-themed token was locked up in a close contest with its rival Dogecoin [DOGE] last week, eventually surpassing the latter by a market cap of $2.85 billion and entering into the top 10 large-cap cryptocurrencies. A few days ago, the crypto asset’s record rally led to a temporary crash of the Indian cryptocurrency trading exchange WazirX, as the platform could not keep up pace with the unanticipated trade volumes.
What fuelled Shiba Inu’s Growth?
Over the past couple of months, SHIB has experienced a sporadic rise mostly riding the popularity and hype surrounding Dogecoin. In India, particularly, several notable personalities have jumped on the bandwagon. The recent promotion of non-fungible tokens [NFT] by Bollywood celebrities such as Amitabh Bachhan, Salman Khan, fashion designer Manish Malhotra among others, have further shifted the attention of the general public to the emerging trends in the crypto space.
Speaking on the same, Nirmal Ranga, CRO of another crypto platform ZebPay is of the opinion that the Shiba Inu ecosystem has the backing of several creative and innovative projects such as NFT art incubators. These factors, according to the exec have contributed to the appreciation of the token’s value and interest among traders.
Another reason that has been attributed to the growing interest among the netizens is a massive crypto donation of approx $9.77 million worth of SHIB coins made by none other than Ethereum’s founder, Vitalik Buterin to the Covid Relief Fund organized by Polygon’s Sandeep Nailwal.
Shiba Inu’s 4-hour price technicals
Shiba Inu has registered weekly gains of more than 163%. At the time of writing, it was trading at $0.000073 following a rise of 4.78% over the past day. The price saw a minor retracement after setting an ATH but was exchanging hands close to it. Its short-term technicals also depicted the same.
The Relative Strength Index [RSI] in the above 4-hour chart managed to hold its fort above the 50-median line meaning, the buyers are still in command despite the price hitting a brief halt. On the other hand, the MACD, aligned with the bears.