Shiba Inu, the world’s second-largest dog-themed altcoin by market capitalization, is a wild ride of speculation and volatility. On a day when it dropped over 6%, a forecast from Changelly predicts a dramatic surge by over 56% by mid-June, pushing the price to $0.00003267.
Changelly’s bullish outlook is underpinned by technical indicators, despite the current bearish sentiment of 38%. The Fear & Greed Index scores 71, revealing a strong greed sentiment among investors. In the past 30 days, Shiba Inu has seen 12 green days out of 30, a 40% success rate. With price volatility at 6.51%, it suggests moderate fluctuations but hints at potential strength.
The market sentiment is mixed. The Fear-Greed Index, standing at 71, signals a market driven by greed, often a precursor to bullish trends. Despite the bearish outlook, the frequency of green days and notable volatility suggest the underlying potential for an upward movement.
Factors Leading to Shiba Inu’s Rise
The prediction of a surge has rekindled interest in this popular meme coin. Investors and enthusiasts are keenly watching for developments. The reasons for the anticipated price increase are not entirely clear, but several factors are likely at play.
Firstly, the broader crypto market is experiencing growth. Bitcoin ETFs have gained approval, and numerous altcoins are rallying. This positive market sentiment could be spilling over into the Shiba Inu ecosystem, driving demand and price up.
Secondly, Shiba Inu is actively developing its ecosystem with projects like Shibarium, a layer-2 scaling solution, and the Shiba Inu Metaverse. These developments are likely to attract new investors and boost confidence in SHIB’s long-term potential.
Lastly, the “Shib Army,” Shiba Inu’s strong community, plays a crucial role in driving awareness and demand. Their enthusiasm and engagement could be fueling the upward price momentum.
However, the crypto market is highly volatile, and predictions can be unreliable. Investors should conduct their own research and exercise caution before making any investment decisions.
At 2:00 p.m. ET, Shiba Inu saw a surge in trading volume, reaching $382,349,540 within 24 hours, a 123% increase. Despite the trading frenzy, the coin’s price dipped 6.23% in the past 24 hours, with further declines of 15.91% over the last seven days and 21.32% in the past 30 days, bringing its value to $0.00001958.
According to CoinMarketCap, Shiba Inu’s circulating supply is 589,271,368,487,908 SHIB, with a market capitalization of $11,545,648,029. These figures underscore the volatility and risks inherent in investing in this popular cryptocurrency.