Shiba Inu gains over 20% in 24 hours, leads memecoin rally

• SHIB has increased by over 5% at press time.
• It is the highest gainer among memecoins in the last seven days. 

Shiba Inu [SHIB] has recently experienced a significant price spike, bringing it close to breaking another critical resistance level.

This upward movement has drawn increased attention, making SHIB one of the top trending cryptocurrencies. Trading volume has surged, and open interest has seen a substantial uptick in the last 24 hours.

Shiba Inu spikes over 20% in the last 24 hours

An analysis of Shiba Inu’s recent price trend reveals a major spike in the last trading session.

SHIB soared by over 22%, reaching approximately $0.000018—the highest daily increase in months, surpassing the 16% spike seen in March. As of this writing, SHIB is trading around $0.000019, up by over 5%.

Source: TradingView

The cryptocurrency is approaching its long-term moving average (blue line), which has acted as significant resistance since July.

Prior to this surge, SHIB was already on a bullish trajectory, but the recent spike has strengthened this momentum.

The Relative Strength Index (RSI) has climbed to around 80, indicating that SHIB is currently overbought and suggesting a potential short-term correction.

Shiba Inu’s trading volume aligns with price increase

Shiba Inu’s trading volume has increased in tandem with its price. Over the past four days, the volume has increased from approximately $270 million to over $1 billion.

At press time, SHIB’s trading volume was at about $1.35 billion, per data from Santiment.

The positive price trend alongside the volume spike indicates that buying pressure is dominating the market. If this momentum continues, SHIB could move closer to its all-time high (ATH).

Source: Santiment

Furthermore, according to data from CoinMarketCap, SHIB has achieved the most significant gains among the top ten memecoins over the past seven days, increasing by over 30%.

dogwifhat (WIF) was the closest competitor, with gains of around 31%.

Shiba Inu attracts increased investor interest

It’s not just the price and volume that have surged; Shiba Inu’s open interest has also seen a substantial increase.

Data from Coinglass showed that in the last 24 hours, SHIB’s Open Interest jumped from around $37 million to over $57 million.

Source: Coinglass

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This spike is noteworthy because the last time open interest saw such an influx was in June.

The increase suggests that more funds are flowing into SHIB as the price rises, indicating heightened activity on the derivatives side of the market.