- On April 3, the price of Shiba Inu (SHIB) rose by about 3.22%, giving a sign of recovery after the weekly decline in the leading memecoin.
- Bullish momentum was seen in the memecoin amid indicators pointing to neutral to bullish momentum.
- Recently, Shiba Inu completed secure delivery options for BONE tokens between Ethereum and Shibarium, while community burn mechanisms continue to reduce supply over time.
On April 3, Shiba Inu, one of the largest memecoins, recorded a strong price increase of 3.22% over the past 24 hours following new buying interest in this widely followed meme cryptocurrency.
As of now, SHIB is currently trading at around $0.000006015 according to real-time numbers from CoinMarketCap. This increase impacted the market cap to approximately $3.54 billion and placed the token among the top 30 cryptocurrencies by volume. The daily trading volume is approximately $91.48 million.
The Shiba Inu flies, but remains in the neutral zone
According to technical indicators, the Shiba Inu is now in a state of cautious optimism in the short term. The RSI is hovering around 55 on the daily chart, keeping the token clearly in neutral territory and avoiding any extreme overbought or oversold readings. The moving average convergence divergence line has produced a new bullish signal on lower time frames. This clearly shows bullish momentum, which will be confirmed by volume.
Meanwhile, the short-term moving averages are indicating upward momentum, while the longer-term averages are still present above as potential areas of resistance.
There is a strong support test around the $0.00000580 level, while the next clear resistance barrier appears near $0.00000620. A clear close above this resistance with good volume could open the door towards $0.00000650 in the coming sessions.
There are many factors behind the rise in the price of memecoin. The spike in Shiba Inu burn rate has seen millions of coins permanently removed from circulation in the last day alone. This deflationary momentum creates positive price momentum by reducing available supply.
On-chain data also revealed an increase in whale accumulation and large withdrawals from exchanges, reducing sell-side pressure. This supports the current recovery. Aside from this, there are several macroeconomic conditions in the overall cryptocurrency market that provide a further decline as Bitcoin settled at around $67,000 and investors showed a reduced appetite for cryptocurrencies. com. memecoins During the stages of market rotation.
Amid the ongoing war between the United States and Iran, the financial world is facing severe turmoil due to the global energy crisis. This has also made an impact on the cryptocurrency market, however platforms backed by strong communities like Shina Inu are attracting capital from participants looking for an asymmetric bullish pattern.
Apart from this, major developments in the Shiba Inu ecosystem form a strong base for the cryptocurrency for future growth. Chibarium layer-2 blockchain Extensive infrastructure upgrades were recently completed which included a full server migration and re-indexing of the entire chain. It has temporarily reduced visible daily transaction coins, though it will help the network improve stability and speed in the long term.
There are several Layer 3 measurement solutions that have now moved into active beta testing. Besides, new AI integration tools are advancing through dedicated GitHub repositories that allow intelligent agents to interact directly with the network.
The ecosystem has already attracted more than 270 million wallet addresses, and the total lifetime transactions on Shibarium exceed 1.56 billion.
Apart from this, there are privacy improvements planned for Q2. This will introduce fully symmetric encryption for private transactions and smart contracts. The team also completed more secure peg options for BONE tokens between Ethereum and Shibarium. Meanwhile, societal burning mechanisms continue to reduce supply over time.
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