Shiba Inu Surges to $1.5B Market Cap Amidst Memecoin Slump

Coin WorldMonday, Jan 27, 2025 2:03 pm ET

1min read

Shiba Inu, the popular memecoin, has shown remarkable resilience in the face of a declining market, reclaiming its position as a significant player with a market capitalization of $1.5 billion. Despite a 12% decline in the overall memecoin sector, Shiba Inu (SHIB) has managed to surpass Official Trump in market cap, indicating its enduring appeal among investors.

According to COINOTAG, "SHIB remains a key component in memecoin portfolios, showcasing resilience even amidst volatility." This article explores Shiba Inu's performance against the backdrop of a declining memecoin market, highlighting its resilience and key technical indicators.

As of the latest update, Shiba Inu was trading at $0.00001788, reflecting a 6.34% decline over the past 24 hours amid a broader market sell-off. This decline has spotlighted critical technical thresholds important for traders. A technical analysis employing Fibonacci retracement indicates significant price levels worth monitoring. The 0.618 Fibonacci level, previously identified as critical support at $0.00002097, has now turned into resistance, complicating SHIB's prospects for recovery.

Additionally, the next crucial support lies at the 0.786 Fibonacci level of $0.00001988, followed closely by another significant level of $0.00001850. Should the current bearish momentum continue, a serious target could emerge at the 1.618 Fibonacci extension around $0.00001450.

Moving averages further corroborate this bearish sentiment, with the 50-day moving average currently at $0.00002283 and the 200-day moving average at $0.00002192. Trading below both averages indicates persistent downward momentum. Additionally, the Relative Strength Index (RSI) stands at 32.98, hinting that SHIB is nearing oversold territory, although broader market conditions will ultimately dictate the potential for any price recovery.

The memecoin market as a whole has faced turbulence, highlighted by a 12% dip in total market capitalization over the past 24 hours. This aligns

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