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In November 2021, Bitcoin staged the best move in its history, hitting its splendid peak. During this process, almost all altcoins followed Bitcoin to reach their ATH levels. One altcoin, in particular, stood out due to its unique structure. Following the path laid by Dogecoin, Shiba Inu managed to break away from its competitors and attract all attention, making its investors happy.
Shiba Inu Price
In February 2023, Shiba Inu (SHIB) experienced an astonishing price increase, taking the meme coin to the highest point of the year. Nevertheless, since then, SHIB’s price movement has been mainly on a downtrend, punctuated by occasional upward breakouts.
Last week, the meme coin suffered another price drop, sinking to the lowest level of the year. Unexpectedly, this price drop was followed by an impressive downturn reversal, and SHIB’s price rose above a significant resistance level on Monday, June 19.
At the time of writing, the price of Shiba Inu was trading at $0.00000729, following the meme coin’s breakthrough of a critical resistance threshold of $0.000007. Over the past 24 hours, SHIB has gained approximately 1.5% in value.
Shiba Inu in First Place
In the weekly chart, SHIB demonstrated signs of a significant price recovery from $0.00000656, gaining more than 11% in value and adding about $1 billion to its market value during this period. Year-to-date, the meme cryptocurrency is still in the red, trading with a negative of 9%. For investors and traders transacting in Turkish Lira (TL), it’s worth noting that the price is currently at 0.0001698 TL.
Amid the impressive price surge, Shiba Inu climbed to the first rank out of the top 4,481 coins tracked by the blockchain intelligence platform LunarCrush, based on crypto social and market activity.
SHIB’s social volume rose to 13,100, while its social engagement count reached 193,858,991 according to one-day data from June 18. Moreover, data from IntoTheBlock shows that 32.38% of investors who bought SHIB between $0.000006 and $0.000008 are currently in profit or ‘in the money’, while 66.54% are still at a loss. Following the significant breakout, over one trillion SHIB tokens switched from being in the red to making a profit, indicating the magnitude of the cryptocurrency’s rally.
