The Dogecoin cryptoverse continues to expand. With Shiba Inu (SHIB) cryptocurrency hitting an all-time high above $0.00008456. The meme-inspired cryptocurrency has spiraled out of control, outperforming even Indian biggies like Tata Steel and Adani Enterprises.
By 4.50 pm IST on Thursday, Shiba Inu was worth $0.00007956, with a growth of over 40 percent, according to CoinMarketCap.
With a market capitalization of over $38 billion, Shiba Inu is now one of the largest cryptocurrencies out there, taking the 11th biggest spot on Wednesday night. Currently, it stands at number eight.
The world’s biggest cryptocurrency has fallen over 10 percent in the past week. This has triggered other altcoins to follow suit with a similar nosedive, CoinDCX Research Team said. “US regulators continue to explore introducing digital assets into traditional finance. Positive institutional support and developments will only heighten the interest and demand for the crypto industry,” it added.
“The global NFT sales volume has been declining for the last three weeks. We can expect the market to consolidate for the next couple of weeks as most of the NFT collections have found the floor, and they can start the recovery soon,” said Hitesh Malviya, Founder, itsblockchain.com.
Solana and XRP
They have shed over 5 percent over the last day. They are priced at $188 and $1, respectively. Polkadot is down over 7 percent to $41.
Dogecoin
It has gained around 17 percent in the last day and 20 percent in the previous week. The meme-based crypto is trading at $0.29.
Shiba Inu coin or SHIB has surged nearly 20 percent in the last day and around 150 percent in the last week.
LUNA currently trades at $40 – the .236 Fibonacci level of its August to October rally and looks primed for a move upwards to a new ATH – likely $52 – as BTC consolidates. However, it will need to break through a confluence of several moving averages around the $41-42 mark to progress ahead.
On the downside, it has found support on multiple occasions at the $35 level. Since repeated tests of support levels generally lead to a breakdown, LUNA may have to rely on additional support at the $31 and $26 mark – which are its .5 and .618 Fibonacci levels. These are strong buy levels, both for traders and long-term investors.
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