{"id":395849,"date":"2024-05-30T15:30:52","date_gmt":"2024-05-30T10:00:52","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=395849"},"modified":"2024-05-30T11:56:21","modified_gmt":"2024-05-30T06:26:21","slug":"shiba-inus-double-digit-rally-whats-driving-it","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/shiba-inus-double-digit-rally-whats-driving-it\/","title":{"rendered":"Shiba Inu&#8217;s double-digit rally: What\u2019s driving it?"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">SHIB\u2019s price has seen growth in the past few days.<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">Its weighted sentiment is at its highest in two months.<\/span><\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\"><a href=\"https:\/\/ambcrypto.com\/predictions\/shiba-inu-price-prediction\" target=\"_blank\" rel=\"noopener\">Shiba Inu\u2019s [SHIB]<\/a> price has rallied by double digits in the past three days amid the general uptick in the altcoin market. In a recent <a href=\"https:\/\/x.com\/santimentfeed\/status\/1795862563198030227?s=46\" target=\"_blank\" rel=\"noopener\">post<\/a> on X, on-chain data provider Santiment noted that the<\/span><span style=\"font-weight: 400;\"> value of the leading memecoin has increased by 12% during that period.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> It has also witnessed a surge in its trading volume in the past few days. As of 29th May, SHIB\u2019s daily trading volume totaled $2.11 billion, representing its highest since 17th March.<\/span><\/p>\n<figure id=\"attachment_395850\" aria-describedby=\"caption-attachment-395850\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SHIBA-INU-SHIB-06.40.38-30-May-2024.png\"><img decoding=\"async\" class=\"wp-image-395850 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SHIBA-INU-SHIB-06.40.38-30-May-2024.png\" alt=\"Shiba Inu Trading Volume\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SHIBA-INU-SHIB-06.40.38-30-May-2024.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SHIBA-INU-SHIB-06.40.38-30-May-2024-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SHIBA-INU-SHIB-06.40.38-30-May-2024-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SHIBA-INU-SHIB-06.40.38-30-May-2024-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SHIBA-INU-SHIB-06.40.38-30-May-2024-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SHIBA-INU-SHIB-06.40.38-30-May-2024-2048x693.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SHIBA-INU-SHIB-06.40.38-30-May-2024-1200x406.png 1200w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-395850\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<h4><b>SHIB is ready for more growth<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">An assessment of some of SHIB\u2019s key technical indicators on a 1-day chart confirmed that the recent growth in SHIB\u2019s price is backed by real demand for the altcoin.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For example, its Relative Strength Index (RSI) and Money Flow Index (MFI) were 62.90 and 65.64 and in uptrends as of this writing. These values showed that SHIB market participants favored accumulating more of the meme coins over distributing their current holdings.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Further, SHIB\u2019s Chaikin Money Flow (CMF), which tracks the flow of money into and out of the meme coin market, was above the zero line at press time. Spotted at 0.02, the value of SHIB\u2019s CMF showed that buying pressure outpaced selling activity.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To confirm the strength of the current trend, AMBCrypto assessed SHIB\u2019s Aroon Up Line and found that its value was 92.86%.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This indicator identifies an asset\u2019s trend strength and potential trend reversal points in its price movement. When the Aroon Up line is close to 100, it indicates that the uptrend is strong and that the most recent high was reached relatively recently.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Lending credence to the above position, readings from SHIB\u2019s Moving Average Convergence Divergence (MACD) showed its MACD line (blue) resting above its signal (orange) and zero lines.<\/span><\/p>\n<p style=\"text-align: center;\">\n<p><span style=\"font-weight: 400;\">When these lines are arranged this way, the asset\u2019s shorter-term moving average is higher than its longer-term moving average, signaling that the asset may likely continue its uptrend.\u00a0<\/span><\/p>\n<figure id=\"attachment_395851\" aria-describedby=\"caption-attachment-395851\" style=\"width: 2560px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SHIBUSDT_2024-05-30_06-42-40.png\"><img decoding=\"async\" class=\"size-full wp-image-395851\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SHIBUSDT_2024-05-30_06-42-40.png\" alt=\"Shiba Inu 1-Day Price Chart\" width=\"2560\" height=\"1233\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SHIBUSDT_2024-05-30_06-42-40.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SHIBUSDT_2024-05-30_06-42-40-300x144.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SHIBUSDT_2024-05-30_06-42-40-1024x493.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SHIBUSDT_2024-05-30_06-42-40-768x370.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SHIBUSDT_2024-05-30_06-42-40-1536x740.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SHIBUSDT_2024-05-30_06-42-40-2048x986.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SHIBUSDT_2024-05-30_06-42-40-1200x578.png 1200w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-395851\" class=\"wp-caption-text\">Source: SHIB\/USDT, TradingView<\/figcaption><\/figure>\n<hr \/>\n<p style=\"text-align: center;\">Read\u00a0<a href=\"https:\/\/ambcrypto.com\/predictions\/shiba-inu-price-prediction\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">Shiba Inu\u2019s [SHIB] Price Prediction<\/a>\u00a02024-25<\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">At press time, the value of SHIB\u2019s weighted sentiment was 2.66, its highest level since 4th March, according to <\/span><a href=\"https:\/\/app.santiment.net\/charts\/m8sOR_Y4__sCl\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Santiment\u2019s<\/span><\/a><span style=\"font-weight: 400;\"> data.\u00a0<\/span><\/p>\n<figure id=\"attachment_395852\" aria-describedby=\"caption-attachment-395852\" style=\"width: 2560px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SHIBA-INU-SHIB-06.42.48-30-May-2024.png\"><img decoding=\"async\" class=\"size-full wp-image-395852\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SHIBA-INU-SHIB-06.42.48-30-May-2024.png\" alt=\"SHIB's Weighted Sentiment\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SHIBA-INU-SHIB-06.42.48-30-May-2024.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SHIBA-INU-SHIB-06.42.48-30-May-2024-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SHIBA-INU-SHIB-06.42.48-30-May-2024-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SHIBA-INU-SHIB-06.42.48-30-May-2024-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SHIBA-INU-SHIB-06.42.48-30-May-2024-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SHIBA-INU-SHIB-06.42.48-30-May-2024-2048x693.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SHIBA-INU-SHIB-06.42.48-30-May-2024-1200x406.png 1200w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-395852\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">This indicates that social media discussions about SHIB are more positive now than they have been in the past two months.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>SHIB is currently backed by significant bullish sentiment, which has led its price to rally by over 10% in the past three days.\u00a0<\/p>\n","protected":false},"author":64,"featured_media":395854,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,5824,66,3,6388,4,20],"tags":[6427],"class_list":["post-395849","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-memecoins","category-new-news","category-news","category-shiba-inu-news","category-social","category-trading-view","tag-ambcrypto"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Shiba Inu&#039;s double-digit rally: What\u2019s driving it? - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Shiba Inu\u2019s [SHIB] price has rallied by double digits in the past three days amid the general uptick in the altcoin 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