Meme coins are once again gaining momentum, with Shiba Inu ($SHIB) continuing its recent bullish run.
$SHIB has gained 14% since Monday, sparking speculation that the token may be gearing up for an extended surge.
Meanwhile, the brand-new Shibie Coin ($SHIBIE), a $SHIB and Barbie hybrid, has also seen significant traction in its ongoing presale phase.
Shiba Inu Technicals Point to Continued Price Momentum
The world’s second-largest meme coin is showing signs of life again, with $SHIB posting three bullish daily closes in a row and heading for a fourth.
Looking at the price chart, $SHIB is now nearing a critical resistance level around $0.0000105, which was tapped on August 5 – resulting in a sharp sell-off.
However, according to data from CoinMarketCap, the trading volume of $SHIB reached $306 million in the past 24 hours, making it the 11th most-traded cryptocurrency globally.
Many $SHIB holders believe this increased volume could help the price break through the nearby resistance zone on its second attempt, setting the stage for an extended uptrend.
Adding more fuel to the bullish hypothesis is the fact that $SHIB broke through the crucial 200-day Exponential Moving Average (EMA) on the daily time frame.
This EMA is often used as a proxy for a token’s long-term trend, so the fact that $SHIB is now trading above it could signal that sentiment is shifting in favor of bulls.
Numerous Fundamental Factors Drive Shiba Inu’s Momentum
A combination of fundamental factors is driving the recent double-digit gains for $SHIB.
Firstly, the upcoming launch of Shibarium, Shiba Inu’s layer-2 scaling solution, has renewed interest in the $SHIB token.
Shibarium aims to reduce network fees and enable faster transactions, meaning its launch will be a significant milestone for the ecosystem.
Additionally, $SHIB received an adoption boost after BitPay announced full support for bill payment services using the token.
Unsurprisingly, this integration with a major payment processor adds much-needed utility to the token.
Finally, the broader optimism in the crypto market, led by speculation around a spot Bitcoin ETF approval and interest rate decreases, has fueled optimism for meme coins like $SHIB.
With the token’s technicals and fundamentals aligning, $SHIB holders are increasingly confident that the token can sustain its current bullish momentum.
Shiba Inu-Inspired Shibie Coin Gaining Presale Momentum Ahead of Upcoming DEX Launch
While Shiba Inu sees a resurgence in interest, the new meme coin Shibie Coin ($SHIBIE) is also capturing the attention of investors.
The presale for $SHIBIE has been gaining traction ahead of the token’s official launch, having now raised $320,000 in just two weeks.
This early momentum has Shibie Coin on track to reach its reduced hard cap of $500,000 in the coming days.
Significantly, Shibie Coin’s team has also decided to burn 50% of the initial presale token allocation once it concludes – a deflationary tactic that could bolster $SHIBIE’s value if demand continues at its current pace.
With just three days remaining in Shibie Coin’s presale, interest is building around this new token.
Many in the Shibie Coin Telegram channel speculate that the token could see dramatic price movements post-launch if the current momentum continues.
Moreover, given that the developers have reserved 20% of the total $SHIBIE supply for DEX liquidity, this should help avoid significant price volatility in the days following the token’s listing.
Given its low market cap at launch and unique branding, $SHIBIE positions itself as a token to watch in the coming days.
Disclaimer: The above article is sponsored content, it’s written by a third party. CryptoPotato doesn’t endorse or assume responsibility for the content, advertising, products, quality, accuracy, or other materials on this page. Nothing in it should be construed as financial advice. Readers are strongly advised to verify the information independently and carefully before engaging with any company mentioned and do their own research. Investing in cryptocurrencies carries a risk of capital loss, and readers are also advised to consult a professional before making any decisions that may or may not be based on the above-sponsored content.
Readers are also advised to read CryptoPotato’s full disclaimer.
The post Shiba Inu Price Continues Bullish Ascent, as Shibie Coin is Also Pumping appeared first on CryptoPotato.
