Shiba Inu, the popular meme coin, hit an all-time high on Sunday after jumping nearly 30 percent on the day to break resistance at 0.00003535, October 7 high, and 0.00004000, May 10 high.
According to experts, the movement is motivated by the increase in volume in Shiba Inu trading and a certain transfer of funds from Dogecoin to Shiba Inu. In addition, the SHIB ecosystem has seen a series of non-fungible tokens, or NFTs, have been eliminated.
“Meme tokens have value and have been an invertible thesis for 2021,” Jonathan Cheesman, FTX’s head of institutional and over-the-counter sales, said in an email Sunday. “Low dollar priced tokens are attractive to retailers” because investors can still buy more than 20,000 SHIBs for $ 1. “
Right now, the Shiba Inu is being traded at 0.00003751, which is a 10.79 percent advance on the day. A close above 0.00004000 is necessary to confirm the extent of the bullish breakout move.
This article was originally posted on FX Empire