SHIBA INU (CRYPTO: SHIB) shot up 14.09% to $0.00003082 over 24 hours in the early hours of Tuesday.
What Happened: The self-described Dogecoin (CRYPTO: DOGE) Killer has soared 142.74% so far this week.
SHIB rose 12% and 14.18% against Bitcoin and Ethereum, respectively.
In the last 30-days, SHIB has soared 350.56%. At press time, the coin traded 20.55% below the all-time high of $0.0000388 it reached in May.
See Also: How To Buy Shiba Inu (SHIB)
Why It Matters: SHIB’s 24-hour trading volumes soared 122.28% to $7.72 billion.
At press time, SHIB was the second most trending coin after BTC on Twitter and was mentioned in 4,263 tweets, as per Cointrendz data.
The current exuberance around SHIB is incomparable with the one seen in May, as per a CoinDesk report.
Using Google Trends data, CoinDesk noted that the search term “how to buy shiba inu” is returning a relatively low value of 10 over the past 12 months.
While the general interest picked up as SHIB charted mega weekly gains, it has not touched the peak 100 levels seen in May.
Meanwhile, Ukraine-based market analyst Yuriy Bishko noted that SHIB is mirroring DOGE’s movements in February-April 2021 which resulted in a 60% correction in April, reported Cointelegraph.
“If SHIB repeats the same pattern, [traders] can buy more coins at a 60% discount.”
Bishko advocated a profit-taking strategy saying traders who purchased SHIB during sideways consolidation should offload 20%-30% of their positions if they are still holding after the rally, as per CoinDesk.
The analyst said that if SHIB’s net breakout stretch passes 500% then traders should sell another 70-80% of their net holdings.