• Pepe and Shiba Inu, two popular meme coins, rose by more than 10% on Wednesday as cryptocurrencies drifted upwards.
• The rally was likely due to Bitcoin and Ethereum’s bullish momentum and technical indicators that pointed to further gains.
• The upcoming Shibarium launch and increased demand for Shiboshis NFTs also contributed to the price jump.
Why Pepe & Shiba Inu Prices are Soaring
Pepe and Shiba Inu prices bounced back on Wednesday as cryptocurrencies drifted upwards. Shiba Inu jumped by more than 10% in the past 24 hours to $0.000010 meaning it has soared by 62% from the lowest level this year. Pepe, on the other hand, rose by 12% in a high-volume environment.
Bitcoin & Ethereum Rally
The rally happened as the volume jumped to over $195 million in the past 24 hours. Most of this volume came from centralized exchanges like Binance and KuCoin. There was no immediate trigger for the meme coin rally. A likely reason is that big coins like Bitcoin and Ethereum drifted upwards. Bitcoin jumped above $29,500 after it found a strong support level at $28,800, where it struggled to move below in the past few weeks.
Technical Indicators Pointed To Further Gains
Some analysts pointed to technicals which pointed to a sustained Pepe price rally. In a tweet, a popular analyst noted that the token’s TD Sequential indicator had turned positive on the daily chart which indicated further gains up to $0.0000159 could be possible soon.
Shibarium Launch & Shiboshis NFT Demand
Shiba Inu price rose as investors waited for upcoming Shibarium launch which will be a layer-2 network that will solve speed & cost factors in their ecosystem called ShiabSwap . Another factor driving demand for ShibaInu tokens is an increasing demand for Shiboshi’s NFTs which are used within their ecosystem of projects & services .
How To Buy SHIB?
Shiaba Inu can be purchased from exchanges like Bitstamp or Binance with BTC or ETH or other major crypto coins .