Shiba Inu Snatches +20% Surge as Market Sentiment Gets Facelift

Shiba Inu (SHIB) has continued to lead the meme coin space, and along with Dogecoin, is set to charge a new market that cannot go ignored. The meme token has recorded the highest price surge among the top 100 crypto ranking over the past 24 hours, pushing it back to the number thirteen spot.

The broader market is on a bullish trajectory on Monday morning, with Bitcoin touching $43,000 in a surprising turn of events. SHIB shocked the market yesterday after its massive 22% surge to tap the $0.0000296 three-week high.

The recent surge brings Shiba Inu’s total gains over the past seven days to 34%. However, the cryptocurrency has recorded a mild correction this morning to the $0.0000275 support.

Notably, Shiba Inu’s meteoric gains in the last 24 hours pulled most meme coins along as the meme coin sector climbed higher.

Dogecoin (DOGE) also gained over 6% in the last 24 hours, which shot it up to the number 11 spot again. Also, Teddy Doge (TEDDY), currently one of the most searched coins on CoinMarketCap, is up by 42% at press time. Finally, Floki Inu (FLOKI) and copycat Floki One (floki) are up 14% today, thanks to the SHIB rally.

Key Shiba Inu Levels to Watch — February 7

SHIB currently exhibits some notable bullish underpinnings, as it welcomed a swarm of positive trading volume on Sunday. The meme coin’s recent >20% surge brought it close to flipping the $0.0000300 resistance but stalled at the last leg.

The thirteenth-largest cryptocurrency has now retraced mildly to the $0.0000275 support, where it currently gathers more buyers to attempt a retest of the 0.0000300 top. That said, bulls need to defend this support level to prevent bearish from prolonging the rebound period, which should occur this week under the current conditions.

Meanwhile, my resistance levels are $0.0000300, $0.0000325, and $0.0000340, and my support levels are $0.0000275, $0.0000260, and $0.0000250.

Total Market Capitalization: $1.97 trillion

Shiba Inu Market Capitalization: $15.2 billion

Shiba Inu Dominance: 0.77%

Market Rank: #13