SHIB rises as meme coin market cap adds 2.5% in a day

Major meme coins including Dogecoin (DOGE), Shiba Inu (SHIB) and Pepe (PEPE) moved higher, pushing the total meme coin market capitalization up about 2.56% over the past 24 hours to $23.73 billion. According to CoinMarketCap data, SHIB has risen about 28% over the past seven days. U.Today said Shiba Inu's trading volume hit its highest level in months, while the price moved above its 50-day and 100-day moving averages and is now set to test its 200-day moving average. The outlet added SHIB's relative strength index, or RSI, is above 80, indicating the possibility of a short-term pullback. According to CoinMarketCap, SHIB was trading at $0.000005347, up about 8.90% over the past 24 hours.