Bitrabo Editorial
The popular meme coin Shiba Inu has experienced a significant surge in its price, rising by double digits in the last 24 hours alongside a positive performance in the broader crypto market. Recent price data indicates that SHIB has climbed to $0.00001748, effectively recovering most of its losses over the past week.
This impressive turnaround has sparked excitement and speculation within the meme coin community regarding the future movement of SHIB. On-chain data reveals that large holders have significantly increased the value of their transactions by 229% since July 4, contributing to the newfound price confidence.
SHIB Sees a Strong Rebound
Following a low at $0.00001298 on July 5, Shiba Inu witnessed a sharp rebound, reversing its previous downward trend. This rebound led to a sustained price increase for SHIB throughout Saturday, reflecting a generally positive sentiment among traders, buoyed by rising prices in major cryptocurrencies triggered by Bitcoin.
Data from IntoTheBlock shows a 190% increase in inflow activity from large SHIB transactions, pushing the total value of transactions worth $100,000 or more to $74.56 million, the highest in the past week. These significant transactions, combined with a 15% price surge, have once again brought Shiba Inu into the spotlight, prompting speculation within the meme coin community about its potential to lead another bullish rally.
Can SHIB Break Its Downtrend?
The crypto market, particularly for meme coins like SHIB, can be highly volatile. Currently trading at $0.0000165 and down by 3.81% over the past seven days, SHIB is poised on the brink of breaking out of a major downtrend since the start of June.
A bullish signal was observed on the daily candlestick chart with consecutive green candles on Friday and Saturday, pushing a significant number of SHIB holders back into profitability. Nearly 47% of total addresses are now profitable at the current price level, a substantial increase from the 20.47% recorded on July 5.
Maintaining the current bullish momentum could potentially drive SHIB to surge 2-3 times in the short term. However, there is a possibility that this upward trend could be temporary before the downtrend resumes.
For SHIB to sustain its bullish trajectory, the broader cryptocurrency market must shift towards a more positive trend. SHIB’s price may rise in correlation with Bitcoin’s performance if it holds its support levels and Bitcoin surpasses $61,000 in the upcoming week.
Featured image from Dogster, chart from TradingView