Shiba Inu (SHIB) bulls dominated in the past 24 hours, with prices fluctuating between intraday highs and lows of $0.00002957 and $0.00003069, respectively. Amidst this volatility, the Shiba Inu (SHIB) meme coin has been attracting the attention of traders, suggesting that a significant price spike could soon occur.
Trader analysis suggests upside potential
Renowned trader Captain Faibik (@CryptoFaibik) recently shared an insight that points to a significant rise in SHIB. Captain Fibig analyzes market trends and points out that an ascending triangle pattern is forming on the chart. This pattern is generally considered a bullish indicator because it is a pattern of higher lows. This analysis has sparked expectations among traders, with many eyeing the potential for a significant increase in SHIB’s value.
$SHIB #turf Another double bullish rally has arrived ✍️ pic.twitter.com/srIRdxAfPm
— Captain Faibik (@CryptoFaibik) March 31, 2024
Current market position and trading volume
As of the latest update, SHIB is trading at $0.0000305, registering a modest increase of 1.3% in 24 hours. The coin currently ranks 13th in terms of market capitalization, with a valuation of $17.9 billion. Despite its lower ranking compared to its Dogecoin counterpart, SHIB continues to gain traction in the cryptocurrency space.
SHIB/USD 24-hour price chart (Source: CoinMarketCap)
SHIB’s 24-hour trading volume is $651 million, indicating high trading activity within the community. IntoTheBlock data reveals that the majority of addresses are holding his SHIB at prices ranging from $0.000026 to $0.000035, and almost half of these addresses are currently making profits. Ta.
However, amidst the excitement surrounding the potential surge in SHIB, the community remains wary of fraudulent activity. Shibarmy Scam Alerts, an organization dedicated to exposing scams and protecting the SHIB community, has issued an important warning. Scammers have exploited the coin’s popularity by orchestrating elaborate schemes within paid promotions to defraud unsuspecting investors.
We encourage community members to exercise caution and conduct thorough due diligence before engaging with any promotional materials, especially those that appear on platforms such as Yahoo. Many of these fraudulent projects falsely claim ties to the Shiba Inu ecosystem, posing significant risks to investors.
Beware of paid promotion scams
Be careful: Scammers use paid promotions in their articles, especially on platforms like Yahoo, to disguise them as legitimate investments.
Many falsely claim that it is related to the Shiva ecosystem. Be sure to check the information on the official website… pic.twitter.com/TQr2N9Jz9c— Shibarmy Scam Alert (@susbarium) March 31, 2024
As March drew to a close, SHIB posted notable gains and established itself as one of the standout performers in the crypto market. According to data from CoinGecko, SHIB is on track to end the month with a notable 139% gain, indicating a significant price increase in a relatively short period of time.
Despite retreating slightly from its all-time highs, SHIB continues to trade higher than its March opening price, demonstrating resilience in the face of market volatility. Currently, SHIB ranks 11th in the cryptocurrency rankings, with a market capitalization of $17.9 billion.
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