The meme coin popularly referred to as SHIBA INU is posting strong gains amid strong demand from retail investors.
At the time of writing this report, the crypto asset posted daily gains of about 3% as it traded around $000009.
For the week, its posted gains of more than 33% and boasts of a market value of about $3.5 billion.
The meme coin is traded on most crypto exchanges that include, Binance, Coinbase, OKEx, Huobi Global, FTX.
The 28th most valuable crypto asset has fast become a cheaper alternative to many retail investors as it draws wider audiences.
Recent price actions reveal the meme coin has broken above its previous resistance level of $0.000008 and continues its upside move.
RSI has moved closer to the overbought territory after Shiba Inu moved from $0.0000056 to 0.0000086, still, there is plenty of room to gain additional upside momentum in case the right catalysts emerge.
Candle price patterns reveal the next resistance level for Shiba Inu is located at around $0.000010 amid its most recent listing on Coinbase, the world’s most valuable crypto exchange,
Shiba Inu coin was created anonymously in August 2020 under the pseudonym “Ryoshi.” The meme coin quickly gained speed and value as a community of investors was drawn in by the cute charm of the coin paired with headlines and tweets from personalities like Elon Musk and Vitalik Buterin.