There remains a potential for a decline to $0.00000575 before a move higher, as illustrated in the chart. A successful breakout above the descending trendline could lead to a 26% increase, targeting $0.00000720 to $0.00000730.
As of the latest updates, $SHIB has risen by 3.17% in the past 24 hours, reaching $0.00000589, after finding support at $0.00000550 following yesterday’s dip.
Two crucial steps are needed now: Shiba Inu must first maintain this essential support level and then manage to break through the trendline, which could trigger rapid movement.
Spot Investors Shift Towards Altcoins
As reported by Glassnode, spot investors are increasingly focusing on altcoins, with Shiba Inu being one of the notable examples. Currently, the spot trading volume for this category of cryptocurrencies is nearly four times that of Bitcoin, marking the highest level since September 2025. This growing interest in riskier assets often coincides with local peaks in Bitcoin’s price.
On-chain analytics from CryptoQuant indicate that altcoins might be entering a pivotal phase, highlighting that these cryptocurrencies have recently captured a substantial amount of investment. Since June 2026, the Total2 index, which reflects the market capitalization of altcoins (including ETH), has amassed over $371 billion, representing a 45% surge within a few months.
This rising demand for altcoins is also evident in the number of altcoins available on Binance that are now trading above their 200-day moving average, a vital market indicator. In August, 80% of these altcoins were below this benchmark, but that figure has since dropped to just 13%.