The %ShibaInu (CRYPTO: $SHIB) %Cryptocurrency has risen 7% in the past 24 hours as meme coins rally alongside the broader market.
Analysts say that Shiba Inu has now broken through key resistance levels and looks set to rally even higher in coming days and weeks.
The latest upsurge comes following a prolonged slump for Shiba Inu, which features a cartoon image of a dog and trades for fractions of one cent.
Market analysts say that about 80% of SHIB holders are currently underwater at current price levels, with only 17% in profit.
However, development work aimed at enhancing Shiba Inu’s utility beyond its meme coin status continues and the community around meme coins remains enthusiastic.
Analysts also note that there have been significant volume spikes in trading of Shiba Inu over the past 24 hours.
Shiba Inu is currently trading at 0.00001475 of one U.S. cent.
Other meme coins, such as %Dogecoin (CRYPTO: $DOGE) and %Fartcoin (CRYPTO: $FARTCOIN), are also marching higher amid a broad rally in the crypto sector.
%Bitcoin (BTC), the largest cryptocurrency by market capitalization, is currently trading at $105,000 U.S.
