Renowned crypto influencer Shytoshi Kusama’s recent X post questioning whether the surge in Shiba Inu (SHIB) futures was a result of speculative greed sparked discussions in the cryptocurrency community. The open interest in SHIB perpetual futures has surpassed $100 million, indicating a significant uptick in speculative activity, as per Coinglass. Moreover, as Bitcoin (BTC) faces a supply-demand imbalance, with ratios soaring to 1:10, market observers anticipate a potential rally to record highs for the leading cryptocurrency.
Responding to SHIB’s impressive performance, Wall Street Financial Analyst Linda Jones publicly expressed her enthusiasm for the token. Known for her pro-XRP stance, Jones disclosed SHIB as part of her diversified crypto portfolio, acknowledging its recent astonishing price performance.
Moreover, Jones emphasized the importance of diversification, highlighting SHIB’s remarkable trajectory among the top trendy coins in the digital asset space. Despite her allegiance to XRP, she recognized the need for intelligent investors to embrace a diverse range of assets, including SHIB.
According to Jones, SHIB has grown by an impressive 98.68% since January, as evidenced by a chart accompanying her post. Notably, SHIB traded at $0.00002082 at the time of her observation.
At the most recent update, Shiba Inu is priced at $0.000027, boasting a substantial 24-hour trading volume surpassing $4 billion. Its current market capitalization of $15.8 billion, coupled with a circulating supply of 589 trillion SHIB coins, reflects the continued surge in SHIB’s popularity.
However, caution is advised as SHIB’s Relative Strength Index (RSI) on the 4-hour price chart reads at 74.39, indicating potential overbuying and a possible price correction in the short term. Traders are advised to exercise vigilance and monitor for potential reversal signals.
Moreover, the Moving Average Convergence Divergence (MACD) on the chart reads at 0.00000299, signaling bullish momentum. Nevertheless, it’s crucial for traders to consider various technical indicators and market conditions before making investment decisions.
The surge in Shiba Inu’s futures and its endorsement by a prominent Wall Street analyst underscore its growing prominence in the digital asset landscape. As speculation peaks and market dynamics evolve, SHIB’s trajectory presents both opportunities and challenges for investors navigating the crypto market.
