Shiba Inu Records +50% Spike as Investor Interest Flourishes
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Shiba Inu (SHIB) currently trades on an upbeat momentum after recording a 50% spike over the weekend, pushing it to the number 11 spot in top crypto rankings.
However, the meme coin shed some points over the past few hours and has fallen to the number 13 position. Despite the recent fall, SHIB held on to most of its gains from the weekend, indicating a heightened optimistic air among investors currently.
Notably, Shiba Inu has recorded over 500% in gains in October alone due to aggressive purchasing campaigns by whales or larger holders.
According to reports, the increased interest in the meme coin comes from the renewed confidence towards Bitcoin, which has dragged most of the crypto industry along. Over the past few weeks, the crypto community has remained in a euphoric state over the approval of a Bitcoin ETF in the US by the Securities and Exchange Commission.
Also, SHIB received an additional boost from recent comments from Elon Musk, who many suggested has shown interest in taking the coin to higher levels and possibly ‘to the moon.’ Musk’s recent tweets sparked rumors that the billionaire CEO was considering dumping Dogecoin (DOGE) for SHIB.
However, Musk recently clarified that he owns no SHIB at the moment and was not talking about it.
Key Shiba Inu Levels to Watch — October 25
Over the weekend, SHIB recorded a +50% bounce from the $0.0000278, culminating with a peak at the $0.0000446 high. However, the thirteenth-largest Cryptocurrency suffered an almost immediate plunge into the $0.0000375 – $0.0000325 pivot zone.
That said, the supportive factors around this axis helped the meme coin return to the upper-$0.0000400 area early this morning. However, Shiba Inu currently struggles with posting a sustained recovery above the psychological line.
With SHIB nearing overbought conditions, I expect a retest of the $0.0000450 area in the coming days, followed by a sustained correction to ease out of overheated conditions.
Meanwhile, our resistance levels are $0.0000400, $0.0000420, and $0.0000450, and our key support levels are $0.0000375, $0.0000350, and $0.0000325.
Total Market Capitalization: $2.60 trillion
Shiba Inu Market Capitalization: $15.4 billion
Shiba Inu Dominance: 0.59%
Market Rank: #13
