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In a festive touch, a dog-themed cryptocurrency Shiba Inu (SHIB) saw its price increase by 7% in the last 24 hours. The cryptocurrency market has seen a boom in the run-up to the Christmas holidays.
Bitcoin rebounded all the way to $99,000, with the price nearing six figures once again. This general market optimism has trickled down to the Shiba Inu, helping to push up its price.
Positive developments in the Shiba Inu ecosystem could also have helped boost investor confidence.
Good news, Shiba Inu has announced early access to SHIB: The Metaverse.
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In response to this milestone, Shiba Inu is leading Shytoshi Kusama praised the SHIB team’s efforts, saying, “Exactly. I can’t take credit for that. Many, many incredible people worked together to make this possible,” while teasing other surprises – “And we have “More surprises in store. This is just the first of many things to come.”
Shiba Inu’s Layer 2 solution, Shibarium, also reached a historic milestone, surpassing 702 million total transactions.
What’s Next for Shiba Inu Price
At the time of writing, Shiba Inu was trading at $0.000023, up 3.35% in the last 24 hours, after paring some of its intraday gains. After two days of gains, Shiba Inu reached a high of $0.00002406 during today’s trading session. Shiba Inu trading volume over the past 24 hours increased by almost 28% to $758.17 million.
Shiba InuThe latest rise in took it to a retest of the $0.000024 level, where its rally came to a halt on December 21. Shiba Inu price, down slightly at this level during today’s trading session, suggests that Shiba Inu may have confirmed near-term resistance at this key level. level.
To extend the current rally, SHIB price must overcome this barrier as well as the daily 50 SMA at $0.00002577. On the other hand, support is seen at the daily SMA 200 at $0.0000187, where Shiba Inu also confirmed support in November and December.
Broader market conditions could play an important role in SHIB’s price trajectory. If Bitcoin and other major cryptocurrencies continue their upward momentum, this could provide a tailwind for SHIB.