Shiba Inu (SHIB) Price at Major Crossroads, Can it Initiate a Fresh Bull Run Again?

The second largest meme coin by market capitalization, Shiba Inu (SHIB), has gained approximately 24 percent in the past two weeks. Although a mini pump, market strategists are arguing whether the meme coin will initiate a fresh bull rally in the near future. Furthermore, meme coins have gained popularity for their speculation purposes by global investors.

In the past 24 hours, Shiba Inu has gained approximately 5 percent to exchange the hands of 1,235,364 hodlers at $ 0.000012304. Additionally, Shiba Inu’s trading volume has spiked 233 percent in the past seven days to $622 million.

The spike in the last few weeks on the Shiba Inu’s ecosystem is partially attributed to Dogecoin’s speculation on integration with Twitter by elon musk elon musk founder, ceo at tesla, spacex Elon Musk is an enthusiastic cryptocurrency believer, quivering the crypto world through his sparkling tweets. He has a complex relationship with cryptocurrencies. His tweets solely are responsible for the crypto volatility. Musk splendidly purchased $1.5 billion in the king of cryptocurrency. He was born on June 28, 1971, and is based in Pretoria, South Africa. His mother is Maye musk and his father is Errol musk, he is a South African electromechanical engineer, pilot, sailor, consultant, and property developer.   He graduated from the University of Pennsylvania, earning a bachelor's degree in Arts and physics, and the Wharton School, earning a bachelor's degree in science, and economics. Musk was honored by Axel Springer Award, an annual award given to remarkable personalities who are extremely innovative, build new markets and change markets, shape culture, and confront their social responsibility.   In 1995, Elon Musk and Greg Kouri founded a web software company called ZIP2. The company developed and marketed an Internet city guide for the newspaper publishing industry, with maps, directions, and yellow pages.X.com and PayPal: in 1999, he co-founded X.com  which is an online financial service and email payment company. Space X: on 14, March 2002 he founded space x company which provides space transportation services.   On July 1, 2003, he founded TESLA. Tesla is an electrical vehicle and clean energy company which designs and manufactures electric cars, battery energy storage from home to grid-scale, solar panels and solar roof tiles, and so on. His other activities involve SolarCity and Tesla Energy, Neuralink, the boring company, Managerial style and treatment of employee Hyperloop, openAI music, and ventures. Etc. he made $165 by selling PayPal to eBay. And was first listed on the Forbes Billionaires List in 2002, with a total net worth of $2 Billion. [email protected] EntrepreneurInvestorChief Executive Officer . Moreover, the entire cryptocurrency market has recorded a slight bump in the past week.

Shiba Inu Price on a Financial Scope

The Shiba Inu price has consolidated at its current level since mid-May. Consequently, the coin has formed strong support and resistance at the same range. Nonetheless, Shiba Inu may have ended a multi-week downward trend, hence the bullish call in the past few weeks.

At current prices, all eyes are on the daily derivatives chart to observe if the Shiba Inu price will close any day above the 200MA. Should the asset close above the 200MA, then a bullish thesis will be on the cards. However, should the asset continue trading below the 200MA, fears of a possible dip will sustain in the coming months.

Furthermore, JPMorgan analysts and Coinbase financial statements unanimously agree that the current crypto market weakness will sustain in the coming months.

“The current weakness in crypto markets is likely to persist if this trend continues, as it demonstrates a reluctance by VC funds to commit resources to the digital-asset area,” JPMorgan’s analysts noted.

The shibatoken shibatoken Coin / Token ecosystem has majorly thrived due to its vibrant online community. According to the company’s official website, the Shiba Inu online community has over 585k members. As such, the developers have been able to build several utility-based applications on Shiba Inu, including ShibaSwap and Shiba Incubator.

Shiba Inu has a market capitalisation of $7.4 billion and is projected to trade at around $0.00002881, 2.29X, with Dogecoin’s market capitalisation. The token is down approximately 86 percent from its ATH achieved last year.

As crypto regulations evolve globally, it is unclear where most regulators will place meme coins. As such, speculative investors are left to play with meme coins at each other’s expense.