Shiba Inu Price Pumps by 5%, What Do Analysts See Ahead for SHIB?

The trading price of SHIB has recorded a 5% surge in the latest trading session. The trading price of the asset had started to get pumped in the past 24-hours. It started to go up and in the mentioned period, the asset’s price surged by 5%.

SHIB Price Surged by 5%

The data shows that following the strong surge, the trading price of SHIB went to a high of $0.00001088. It was just last week when the second-largest meme coin suffered from a major sell-off.

Due to the sell-off, the trading price of the asset started to decline at a significant rate. However, it is a positive sign that the trading price of the asset has somewhat recovered in the past 24-hours.

SHIB’s Performance in the Long-Term

It has helped in removing most of the losses that the meme coin had incurred since the start of the current week. Following the recent push, the overall weekly performance of SHIB shows that its value has dipped by 1%.

The situation changes drastically if we look at the past 30-day performance of the asset. The price chart shows that in the past 30-days, the value of the asset dipped by 15%.

As for the entire running year, the data shows that the price of the asset is in the bullish zone. It shows that the trading price of SHIB has surged by 34% since the beginning of 2023 until now.

An Upward Correction is Expected

Due to the performance of the asset in the past 30-days, the situation for SHIB has changed significantly. Initially, the asset was moving in the negative zone but following the recent push, the asset’s position has changed.

As of now, it is in the upwards correction zone, and it is right at the top of the level, which means it is above average. According to the analysts, the reason behind the strong push for the asset is the upcoming deployment of Shiba Inu’s layer-2 deployment.

According to the latest information, the upgrade for Shiba Inu “Shibarium” is expected to be launched in the upcoming month. When the new upgrade is launched, the utility for the asset will surge tremendously.

This will help push the asset’s price much higher than its current level. The Shibarium is strongly anticipated in the entire crypto as well as the SHIB market.

The investors are anxiously waiting for the upcoming upgrade and when that happens, the adoption level for SHIB will surge tremendously.

As of now, SHIB is close to hitting the $0.000011 mark. If the price manages to push above this level, then the asset’s price may surge to a high of $0.0000115.