Shiba Inu Whales On The Move Again As Bitcoin, Crypto Market Recover

Popular
crypto
meme
coin

Shiba
Inu

surged
by
double
digits
in
the
past
24
hours
amidst
a

positive
performance
in
the
wider
market.
According
to
price
data,
SHIB
climbed
over
the
past
few
hours
to
peak
at
$0.00001748,
effectively
reversing
most
of
its
losses
in
the
past
seven
days. 

This
remarkable
rebound
has
left
the
meme
coin
community
buzzing
and
speculating
on
the
SHIB’s
future
movements.
Interestingly,
on-chain
data
shows
that
the
renewed
price
confidence
has
been
driven
up
by
the
activity
of
large
holders
who
have
increased
the
value
of
their
transactions
by
229%
since
July
4.

SHIB
Rebounds
Massively

After
hitting
support
at
lows
of
$0.00001298
on
July
5,
Shiba
Inu
sharply
rebounded,
reversing
the
prior
negative
trend.
This
rebound
saw
SHIB
sustaining
a
price
increase
throughout
Saturday.
The
overall
sentiment
was
generally
positive
during
the
trading
session,
as
most
large
cap
cryptocurrencies
witnessed
price
increases
triggered
by
Bitcoin. 

Interestingly,

data
from
IntoTheBlock

shows
a
190%
increase
in
inflow
activity
from
large
SHIB
transactions.
This
increase
caused
the
total
value
of
transactions
worth
$100,000
or
more
to
shoot
up
to
$74.56
million,
its
highest
in
the
past
seven
days.

These
large
transactions,
coupled
with
the
15%
surge
in
price,
seem
to
have
brought
Shiba
Inu
back
into
the
spotlight.
Members
of
the
meme
coin
community
are
starting
to
speculate
whether
the
crypto
can
keep
up
the
bullish
momentum
and
lead
other
meme
coins
into
another
extended
bull
run.

Can
SHIB
Break
Out
Of
Downtrend?

 The
crypto
market
can
be
wild,
especially
for
meme
coins
like
SHIB.
At
the
time
of
writing,
SHIB
is
trading
at
$0.0000165
and
is
still
down
by
3.81%
in
a
seven-day
timeframe.
Looking
at
the
charts,
it’s
clear
SHIB
is
still
looking
like
it
is
about
to
break
out
of
the
major
downtrend
that
has
lingered
since
the
beginning
of
June.

The
daily
candlestick
chart
flashed
two
consecutive
greens
on
Friday
and
Saturday,
which
is
a
bullish
signal
that
crypto
traders
love
to
see.
Notably,
these
green
candles
pushed
many
SHIB
addresses
into
the
profitability
zone.
The
number
of
holders
making
money
at
the
current
price
is
now
around
47%
of
the
total
addresses,
a
vast
increase
from
20.47%

recorded
on
July
5.  

Continuing
the
current
bullish
momentum
could
easily
send
SHIB
surging
2-3x
from
here
in
the
short
term.
On
the
other
hand,
there
exists
the
possibility
of
this
upswing
being
be
a
temporary
blip
before
the
downtrend
continues. 

For
SHIB
to
sustain
this
bullish
momentum,
the
overall
cryptocurrency
market
needs
to
shift
towards
a
more
bullish
trend.
SHIB
may
rise
in
line
with
Bitcoin
if
it
can
maintain
its
present
support
levels
and
the
latter
surpasses
$61,000
in
the
coming
week.

Featured
image
from
Dogster,
chart
from
TradingView