Shiba Inu (SHIB), the dog-themed meme coin skyrocketed by 55% in the last 24 hours, data from CoinMarketCap showed. SHIB’s price at press time was $0.00002001 while its trading volume jumped above $4 billion.

The price increase and soaring volume implied that demand for the token has been increasing. Previously, meme coins like Dogecoin (DOGE), Pepe (PEPE), and Bonk (BONK) registered the highest price jump in the category.

Is the Local Top Close?

According to on-chain analysis tool ‘Santiment’, capital has been rotating into Shiba Inu’s ecosystem. Beyond that, Santiment posted that social dominance around SHIB, and these other meme coins have been incredible.

A high social dominance suggests that discussions referring to a particular asset have been increasing. It is also a testament to rising interest in the specific cryptocurrency. When the dominance gets too high, the price increase could be at risk as it could be a signal of a local top.

In SHIB’s it was uncertain if it was close to its local top. For a long while, SHIB’s price action was flat. But on February 26, the token broke out of its consolidation phase. As the price increased, SHIB faced a minor resistance at $0.00001345.

However, bulls were able to break through the immediate resistance. Since breaching the resistance, every 4-hour candlestick has been a bullish one. A look at the Moving Average Convergence Divergence (MACD) showed that the momentum around the cryptocurrency was in buyers’ control.

SHIB Does Not Want to Slow Down

At press time the 12-day EMA (blue) had crossed over the 26-day EMA (orange), indicating a continuous uptrend. If buying pressure remains uninterrupted, SHIB’s price could surpass $0.00002200 in the short term.

Furthermore, the Bollinger Bands (BB) confirmed that the token’s volatility, which was previously very low, had improved. This high level of volatility suggests that price fluctuations could be massive.

However, that was not the only signal the BB showed. As of this writing, the upper band of the BB had hit SHIB around $0.0000188, suggesting that the cryptocurrency was overbought. Despite being overbought at this point, SHIB’s price continued to climb.

Nevertheless, SHIB risked retracement. In a highly bearish case, the price could drop to $0.000015. However, this does not negate the potential of a further price increase which could see the token climb toward $0.000030.

In the meantime, the prices of DOGE, PEPE, and BONK also recorded notable jumps in the last 24 hours. For instance, Dogecoin’s price increased by 16.02%. BONK rose by 6.50% while PEPE climbed by 49.87% within the same period.