SHIB Surges 9.94% to $0.00000864: Analyzing the Price Action

SHIBA INU's price has jumped 9.94% over the past hour to $0.00000864, building on the past day's 10.31% gain. With a market cap of $4.64 billion, SHIB remains one of the largest meme-inspired cryptocurrencies. Trading volume over the past 24 hours was $77.62 million. Let's dive into the SHIB metrics and recent price action to uncover insights for traders.

Overall, SHIB has seen its price stabilize and start to recover after a brutal first half of 2022. While the 1-hour and 1-day gains of 9.94% and 10.31% are eye-catching, SHIB remains down 26.42% over the past 6 months. The 1-week change of 10.66% indicates the recovery may be gathering steam.

Looking at the volume data, the $77 million traded over 24 hours is right in line with SHIB's monthly average. This signals that the new uptrend has solid participation behind it so far and not just temporary hype. More sustained volume will be needed to confirm the rally has legs.

Analyzing SHIB's relative strength index (RSI), the current reading of 65 shows bullish momentum is solid but not yet overheated. The moving averages paint a constructive picture as well, with SHIB trending above its 10-day, 50-day and 200-day simple moving averages. Overall, the technical alignment bodes well for the rally to continue.

Is Another SHIB Price "Pump" On the Horizon?

Given SHIB's history of explosive upside price movements, some traders are wondering if another epic "pump" could occur in 2022. There are scenarios where substantial additional upside materializes.

A key driver would be another meme coin frenzy taking over among retail traders. Social media hype has proven capable of propelling SHIB to heady valuations in the past. Even a moderate reversion of this dynamic could send SHIB surging again.

Additionally, speculation on a Robinhood listing continues to swirl. If the popular trading app adds SHIB, pent-up retail demand could ignite a surge. Unexpected NFT launches or metaverse integrations could also attract speculative flows back into SHIB.

However, doubts remain about whether SHIB can recapture its past fervor. Large holders distributing tokens could suppress further upside. And without meaningful real-world utility emerging, fundamentals may struggle to support another massive rally.

Does SHIB Have Long-Term Potential or Is It a Fad?

Assessing whether SHIBA INU has lasting potential or is merely a fad depends largely on one's perspective. On the positive side, the ecosystem has taken steps towards greater utility with its Shibarium layer-2 network and other initiatives. The brand retains a loyal community as well.

However, SHIB lacks standout technology advantages versus competitors. Regulatory scrutiny of meme coins could also intensify over time. Without a clear roadmap for capturing long-term value, SHIBA INU risks becoming an ephemeral social media phenomenon.

Ultimately SHIB's longevity will require delivering real utility. For now, prudent investors should view SHIB as a speculative asset and act accordingly. The crypto could still produce substantial volatility-fueled upside. But downside risks remain elevated, especially as the exuberance of 2021 fades further into the past. Those able to stomach the boom-bust potential can consider small positions, but SHIB's future likely hinges on emerging fundamentals rather than just hype.

Subscribe to BTC Peers

Don’t miss out on the latest issues. Sign up now to get access to the library of members-only issues.