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The price of the crypto Shiba Inu is on the rise: here’s why

The Shiba Inu crypto rises 4% in a single day on the wave of the US banking crisis that to date has led to the failure of 4 banks in 3 days and its price increase.

SHIB, the Shiba Inu token, is worth $0.00001099, and despite having gained 35% since the beginning of 2023, in the last week the token had lost 15% with the exception of the latest upward run.

The price of the crypto Shiba Inu on the rise

Shiba Inu represents one of the most widely used ERC-20 tokens in the world and most traded by so-called whales.

With Shibarium expected over the weekend, many analysts speculate that a new bull run for the token is upon us.

The rally could persist and SHIB’s price is showing slightly increasing relative strength.

The RSI signals strong oversold which should support volatility at least for this week or until it breaks above the 30-day moving average.

SHIB is aiming for resistance set at $0.000015 and may even touch $0.00001250.

The level could already be reached this month supported by the banking crisis in the States that is supportive of the crypto world.

With the failures of Silvergate, Signature and Silicon Valley Bank the contagion also came to Credit Suisse resulting in capital flight.

The US government and the Fed have put in place a series of measures to protect 100% of US taxpayers’ capital but this may not be enough to prevent further failures.

The situation also plays in SHIB’s favor in light of the recent news that another bank, this time a European one, is facing bankruptcy, namely Swiss Bank.

Shibarium boosts the momentum for SHIB

With the final launch of Shibarium any day now, Shiba Inu is on the springboard ready for the next uptick.

Shibarium will complement the Shiba Inu ecosystem that already boasts ShibaSwap.

According to analysts, the increased focus on SHIB and its increased use will raise the value of the token in the short to medium term.

SHIB is among the 12 most bought tokens by whales and Shiba Inu, in addition to Shibarium with SHIB The Metaverse. Also secures a virtual place to compete in the metaverse.

The Metaverse SHIB boasts 100,595 lands that will be purchasable with Shiba Inu’s native currency.

George Michael Belardinelli
George Michael Belardinelli
A former corporate manager at Carifac Spa and later at Veneto Banca Scpa, blogger and Rhumière, over the years he has become passionate about philosophy and the opportunities that innovation and the media make available to us, in particular the metaverse and augmented reality