Why Is Shiba Inu Up Today?

Shiba Inu (CRYPTO: SHIB) saw a major price uptick after a significant downtrend and long lateralization period.

What Happened: Shiba Inu’s price increased by over 11.6% from its 24-hour low of $0.000006212 to a high of $0.000006935, before settling at $0.000006533 as of press time.

This price increase follows the coin’s recent 80% fall since its May high of $0.00003641, while candles on the daily chart have been closing significantly below the 50-day and 20-day simple moving average.

Shiba Inu was just seemingly following the trend set by the overall cryptocurrency market.

Bitcoin (CRYPTO: BTC), the market’s main trendsetter, grew by over 4.1% today and is trading at over $32,100 as of press time.

Ethereum (CRYPTO: ETH), the second biggest coin by market cap, is up over 7.3%, with the current price of over $2,000.

Google Trends data shows that as of July 19, the most recent public data, the number of daily Google searches for SHIB  dropped by 69% and is currently standing at 31%.

             Google Trends 30-day chart of searches for “SHIB”

While this is 6% lower than the value reported on July 18, it is still 10% higher than July 16th’s value.

Read also: How to buy Shiba Inu