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The doggy-themed meme coin Shiba Inu (SHIB) has witnessed an unexpected uptick in its price after experiencing a mild correction previously. The cryptocurrency’s bullish momentum has caused waves in the market, prompting expectations of new all-time highs that could surpass that of Dogecoin (DOGE).
Shiba Inu To Make A Solid Rebound
Decentralized market intelligence platform, Santiment has recently taken to X (formerly Twitter) to shed light on Shiba Inu’s promising prospects within the crypto market. The crypto intelligence firm has revealed that Shiba Inu currently stands as one of the top digital assets for traders, potentially outshining Dogecoin within the crypto space.
According to Santiment’s report, SHIB is poised to make a strong rebound from its initial price correction. The popular meme coin has been making bullish waves after experiencing unprecedented gains over the past months.
In the last month, SHIB has witnessed a surge of over 261.18%, recording a price surge above $0.000044 at the beginning of the month. However, its price has since retraced and is now trading around $0.000027.
Despite the sharp correction, Shiba Inu has quickly rebounded, demonstrating its remarkable resilience. The cryptocurrency’s ability to overcome key resistances and push out of a downtrend not only underscores its high demand but reflects investor confidence in its value and future potential.
Unlike Dogecoin, which has only recorded a weekly gain of about 35%, Shiba Inu’s price increases have surged over 160%, showcasing the cryptocurrency’s ability to keep up with the market’s bullish trends.
Additionally, in terms of daily trading volume, more investors and traders are looking to favour SHIB over DOGE. Presently, Shiba Inu’s 24-hour trading volume sits at over $3.6 billion, while that of Dogecoin is $3 billion. This means that Shiba Inu is currently hundreds of millions above Dogecoin in terms of daily trading volume.
SHIB Re-Enters Bullish Trajectory
Shiba Inu advocate and crypto trader, identified as SHIB Knight on X, has revealed a long bullish trajectory for SHIB. Sharing a chart of SHIB’s recent price movements, the SHIB supporter disclosed that Shiba Inu has finally broken through the downtrend, lighting a green bullish candle in its price chart.
The cryptocurrency has been seen sporting new gains in the last 24 hours, with about a 12.20% increase in its price. At the time of writing, Shiba Inu is trading at $0.000033, steadily moving upwards from its previous downtrend a day ago.
Including SHIB Knight, various traders and investors are closely watching the cryptocurrency, staying bullish on its price outlook and its potential to upsurge top meme coins like Dogecoin within the space.
SHIB price recovers to $0.000034 | Source: SHIBUSDT on Tradingview.com
Featured image from CoinGecko, chart from Tradingview.com
