Shiba Inu’s price has finally exceeded $0.000033 on March 28, showing a 38.2% increase over the past week. Market indicators are pointing towards the key factors driving this current price surge.
With a 6% increase in the last 24 hours, Shiba Inu (SHIB) has emerged as the second-best performing asset among the top 50 memecoins. After weeks of consolidation, SHIB saw a 38% surge in its price.
Back on March 5, Shiba Inu’s price hit a three-year high of $0.000045 during a significant memecoin market boom. Following this peak, SHIB entered a two-week consolidation phase while other memecoins like Dogwifhat (WIF), BONK, and SLERF gained attention.
Despite a 47.9% price drop between March 5 and March 20, existing SHIB holders remained steadfast during the market slowdown. While media focus shifted towards other meme ecosystems in mid-March, Shiba Inu holders held steady, preventing the price from dropping below $0.000029 until the market turned bullish again around March 20.
The chart shows a consistent upward trend in Shiba Inu’s price over the past week, with five out of the last eight candles being green, resulting in a 38.2% surge in price.
Looking beyond the price action, key market indicators reveal bullish catalysts behind the recent momentum swing. Shiba Inu’s adoption rate has spiked above the 30-day average, driven by new users bringing in fresh capital.
Data shows that on March 27, 45.9% of all SHIB transactions involved new wallets making their first transaction, surpassing the 30-day average of 40.3%. This increase in new user transactions signifies growing adoption and interest in the Shiba Inu network, potentially leading to an expanded user base and increased network activity.
Media buzz surrounding Shiba Inu has also increased significantly, with social media mentions rising by 63.5% in the last 24 hours. Increased social media attention is often a leading indicator of potential price movements in the memecoin sector.
With the price rally bringing Shiba Inu to $0.000033 on March 28, monthly gains have reached 182%. Based on capital inflows from new users and the surge in social media traction, the price is expected to reach $0.00004 and potentially close the month with gains exceeding 200%.
To achieve this forecast, SHIB’s bulls will need to overcome the sell-wall at the $0.000035 mark, which aligns with the upper limit of the Bollinger band indicator. If momentum from new entrants continues, SHIB’s price could break through resistance levels and head towards $0.000045.
However, with significant gains month-on-month, profit-taking could trigger a price drop towards the $0.00002 area. Traders will need to monitor market conditions closely to anticipate potential price movements in the coming days.