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Shiba Inu (SHIB) continues to draw attention in crypto communities since it recently entered the top ten crypto assets by market value. Popular crypto analyst and investor Rekt Capital believes that after recording an increase of over 200%, SHIB is likely to complete its macro U-shaped reversal at the $0.00003 level.
Why Is SHIB Rising?
Shiba Inu recently recorded a significant gain from the 18th position with a market value of $5.6 billion to become the tenth-largest cryptocurrency by market value, which has led to increased tracking by many investors.
Despite witnessing a pullback that saw SHIB drop to the eleventh position according to CoinGecko data, the meme coin project then achieved a 226% gain over the past week and continues to trade at $0.00003370, down 3.58% in the last 24 hours at the time of writing.
Therefore, this indicates that Shiba Inu has climbed to its highest levels in recent times. SHIB is currently positioned as the second-largest meme coin with a market value of $19.7 billion at the time of writing.
The Shiba Inu Community
Following increased network activity, Shiba Inu’s trading volume has recently exceeded $20 billion and is witnessing a parabolic process. As a result, in terms of trading volume, SHIB has managed to surpass other top crypto projects like Dogecoin (DOGE), Solana (SOL), Binance Coin (BNB), and XRP.
With Shiba Inu already surpassing the $0.00001 psychological resistance, experts believe that based on the rising adoption rate, the next target is the $0.0001 level. The meme coin has a notable following known as The SHIB Army, and experts believe this will continue to play an effective role in attracting more investors.
The Shiba Inu Army has recently been increasing their calls for leading asset management firm Grayscale to launch a SHIB exchange-traded fund (ETF).
