This post may contain affiliate links, which means I may receive a small commission, at no cost to you, if you make a purchase through a link.
Shiba Inu coin’s rise to the moon is the term investors use to describe its price rising. The coin has been one of the most successful cryptocurrencies this year.
It has become synonymous with huge price gains in a very short period. For example, the last rally saw its price rise by 500% within a week.
Since this rally, the coins price has been on a downward fall until yesterday. This bear market made it lose 50% of its total market value to an average price of $0.00004.
However, For the last 24 hours, the trend is changing with the coin recording a 30% price gain. Analysts predicting the Shiba bear market could have come to an end giving way for another period of mooning.
Why the Price has Been Rising Today
The signs of a potential reversal have been clear for a while now with most indicators confirming the same. The coins price was sitting in a key zone that had previously acted as both support and resistance areas.
On the Stochastic indicator, the coin was deep in the oversold position. An indication the selling momentum was declining. These price action tools were a key hint to a possible reversal that is now happening.
Shiba Gaming Metaverse
Just before the spike, the network announced the plans to join the gaming metaverse world. To realize this, the coin has hired David Volk who an experienced gamer with over 30 years in the gaming industry.
Shiba is planning to use its Shiboshis non-fungible tokens in creating the games. Analysts agree that this could also be a contributor to the coins rise.
Metaverse has become popular recently after Facebook announced its renaming to METAVERSE. Although there have been some decentralized platforms working on the technology, Shiba is among the most famous of them and could become among the market leaders in the future.
1 Million Shiba Investors Milestone
The number of Shiba investors has grown tremendously with the list hitting 1 million. This forms part of the Shiba Inu coin rise to the moon triggers. The huge number of investors is an indication there is adequate market confidence in the coin and its future.
Investors bring with them volume that is key in creating bullish momentum. Pushing this volume is the self-declared group of Shiba supporters known as the SHIBARMY.
This group has been key in pushing the coin market’s popularity and acceptability.
How Far Will the Shiba Inu Coin Rise to the Moon Get?
With this resurgence, investors are betting the coin to get at least to its previous high. Though no one can reliably estimate how high the price will rise, there is the confidence it could grow by at least 100% in the short term.
With the ongoing coin burning, Shiba Inu’s coin to the moon dreams remains a reality. Currently, there are over 500 trillion Shiba coins in circulation. Although it is a huge number, over 40% of the initial 1 quadrillion coin are in a dead wallet.
Like my content? You can Buy Me A Coffee.