Shiba Inu Skyrockets to $0.000033 — Bigger Moves Ahead?
2024-12-08

Dog-themed cryptocurrency Shiba Inu has steadily risen over the last two days, culminating in a retest of $0.000033 in today's trading session.
Notably, Shiba Inu ecosystem tokens, Bone ShibaSwap BONEUSDT and Doge Killer (LEASH), have increased in the last 24 hours. BONE was up 7% from the previous day and 12% weekly; LEASH was up 3% daily and 5% weekly. Shiba Inu surged as much as 7% daily.
Following a significant decline in Thursday's session, Shiba Inu started rebounding on Friday from lows of $0.0000293. Positive sentiment across the broader crypto market has benefited meme coins, including SHIB.
As Bitcoin consolidated slightly below the $100,000 mark in the last three days, funds have redistributed to alternative cryptocurrencies known as altcoins. According to Santiment, Meme coins are quietly having more mini-breakouts this weekend.SHIBUSD Daily Chart, Courtesy: TradingView">
Shiba Inu also partook of the bullish sentiment in the market, extending its rebound over the weekend to reach the critical $0.000033 level.
The $0.000033 level remains significant as SHIB's advance stalled at this level on Dec. 1 and 4, making it a key resistance point that traders and investors are keeping an eye on.
At the time of writing, SHIB had slightly eased, up 2.76% in the last 24 hours to $0.0000318 and up 4.66% in the last seven days.
Meanwhile, optimism is brewing in the Shiba Inu community, which awaits incoming developments. Shiba Inu developer Kaal Dhairya recently hinted at current efforts in bringing Zama's latest innovation fhEVM coprocessor to Shibarium, which would pave the way for confidential and verifiable on-chain experiences.
What's next for SHIB price?
Shiba Inu has confirmed a short-term barrier at the $0.000033 price level, having failed to surmount it on two occasions. For SHIB to continue its rally, it must decisively break and sustain above this level.
A breakout could pave the way for further gains, while a failure to do so might lead to consolidation or a short-term retracement.
If SHIB surges past this level with strong volume, it could signal the start of a more significant rally, with potential targets at $0.000035 and then $0.000039.
On the other hand, failure to break this resistance might result in a dip, with $0.000030 and $0.000029 acting as potential support levels to watch in the short term.