The official Shiba Inu X account has captured the broader community’s interest with a moon depiction, showcasing the asset’s potential as it slips into the top 10 amid a surge above $0.000027.
Shiba Inu (SHIB) has resumed the bullish momentum it sustained over the weekend. The asset initially maintained a slow but steady price uptick from Feb. 24 to Feb. 29, eventually capturing the $0.000012 price territory amid an inconspicuous upward push.
However, Shiba Inu’s bullish momentum became more evident last week when the asset spiked 104% from $0.00001170 on Feb. 29 to a high of $0.00002390 on March 3. Despite facing intense selling pressure at $0.000023, the asset held above the $0.000022 level.
“Shiba Inu to the Moon”
Amid these favorable price movements, the official Shiba Inu X account took to today’s social platform to capture the community’s interest with a subtle bullish presentation. The account posted a combination of emojis depicting a dog focused on the moon with a telescope.
☾
🔭𓃥
— Shib (@Shibtoken) March 4, 2024
Notably, the moon typically represents growth or the attainment of new highs. While the Shiba Inu post could be subjected to multiple interpretations, the consensus is that it presents a “Shiba Inu to the moon” commentary, projecting the crypto asset to attain new heights despite its meteoric 126% gain in a week.
Expectedly, the Shiba Inu community has seized the opportunity to disclose their bullish projections, with the $0.001 discussions resurfacing. Notably, Shiba Inu now sits among the biggest gainers in the market alongside other meme coins in what analysts have dubbed the “meme coin mania.”
📈 #Altcoins have seen historic gains over the past week, and #altseason hasn't slowed down this weekend. Notables like $PEPE (+225%) and $SHIB (+126%) have intrigued #memecoin traders. Keep an eye on #AI projects like $AR (+100%) and $FET (+76%) as well. https://t.co/L6yx09Robp pic.twitter.com/T9jInG0iHQ
— Santiment (@santimentfeed) March 2, 2024
While some market participants called the top, SHIB resumed the upsurge shortly after the depiction from its official X account. The asset has now pushed to reclaim the $0.000027 price for the first time since April 2022, right before the Terra-induced price collapse.
SHIB Enters Top 10 Amid Rise Above $0.000027
Shiba Inu now changes hands at a 23-month high of $0.00002737 following the latest price spike, up 21.54% today, making it the third-largest gainer within this timeframe. SHIB’s seven-day cumulative growth has now surged to 177%, as it retains its spot among the biggest weekly gainers.
Amid the surge, Shiba Inu briefly re-entered the top 10 list of largest assets, per data from CoinMarketCap. The cryptocurrency flipped Avalanche (AVAX) to become the tenth largest asset, as its market cap hit the $16 billion mark. SHIB is now battling to retain the spot amid the high volatility.
The latest price uptick has now pushed Shiba Inu’s weekly RSI above the 80 mark. Interestingly, the last time Shiba Inu’s weekly RSI crossed the 80 mark was in October 2021, when the crypto asset skyrocketed to the $0.00008845 all-time high.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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