The price of Shiba Inu increased for four consecutive days as Bitcoin and other altcoins experienced a surge in anticipation of the forthcoming U.S. general election
Shiba Inu, the second-largest meme coin in the industry, has increased by 72% from its September lows to $0.00001870. Its surge was concurrent with that of other meme coins that were in high demand.
Pepe, Popcat (POPCAT), and Floki experienced over 10% increases, while Dogecoin experienced a 14% increase. In the same vein, Bitcoin surpassed the substantial resistance level of $71,000 as investors pursued its all-time high.
There are three potential explanations for the strong performance of Shiba Inu and other coins.
Initially, prediction markets such as Polymarket, Kalshi, and PredictIt indicate a high probability of a Donald Trump victory in the upcoming election. Kalshi and PredictIt have him at 60%, while Polymarket has him at 66%.
This is a scenario that has not been observed in decades, according to another Polymarket poll, which indicates that Republicans have a greater likelihood of obtaining the popular vote and the Presidency.
Market participants perceive a Trump victory favorably as a result of his commitment to appointing regulators who are pro- cryptocurrency. There is also a personal investment in the crypto industry by Trump.
Secondly, the lessening of geopolitical tensions, particularly in the Middle East, is a contributing factor to the ascent of the Shiba Inu.
Many analysts were taken aback by Israel’s relatively mild retaliation attack against Iran, which left Iran’s highly valued hydrocarbon assets unaffected.
Other assets, such as equities and bonds, have experienced substantial gains as a result of diminishing geopolitical concerns.
Third, the increasing demand for meme currency is the primary factor contributing to the price increase of Shiba Inu.
The data suggests that the combined market valuation of all meme coins has reached $68 billion, establishing them as some of the most successful assets in the crypto industry.
The price of a Shiba Inu was represented by a golden cross
The 200-day and 50-day Exponential Moving Averages have crossed, resulting in a golden cross chart pattern for Shiba Inu.
This is notable. SHIB’s most recent golden cross occurred in December, resulting in a robust bullish breakout from $0.000010 to $0.000045.
Shiba Inu’s potential for further growth will be verified if it surpasses the substantial resistance level at $0.000021, which was its highest point on September 27.
Potentially, a move above that level could indicate further gains, potentially reaching $0.0000294, its greatest level on May 29.
