As a seasoned crypto investor, I’ve seen my fair share of market volatility, especially when it comes to meme coins like Shiba Inu (SHIB). The past few days have been an interesting ride for SHIB holders, with the coin experiencing a significant rebound that left many of us buzzing with excitement.
The cryptocurrency meme coin Shiba Inu experienced a significant increase of more than 10% in the last 24 hours, coinciding with a strong market uptrend. Based on current price information, SHIB reached a high of $0.00001748 within the past few hours, nearly regaining its value from the previous week when it had suffered losses.
The extraordinary bounce back in SHIB‘s price has generated excitement and conjecture among meme coin enthusiasts, as they ponder the potential future developments for this cryptocurrency. Notably, data from the blockchain reveals that this newfound faith in the market is primarily due to the heightened transactions of major investors. Since July 4th, these significant players have amplified the worth of their deals by a notable 229%.
SHIB Rebounds Massively
As a researcher studying the cryptocurrency market, I observed that Shiba Inu (SHIB) reached its lowest point at $0.00001298 on July 5. However, this downtrend was soon reversed as SHIB experienced a sharp rebound throughout the day on Saturday. The overall sentiment in the market was optimistic, with most large-cap cryptocurrencies observing price increases due to Bitcoin‘s surge.
It’s intriguing to note that according to IntoTheBlock’s data, large SHIB transactions have seen a notable surge, with a 190% rise in inflow activity. As a result, transactions valued at $100,000 or more reached an impressive total of $74.56 million – their highest mark in the previous week.
Large transactions and a 15% price increase have recently refocused attention on Shiba Inu within the cryptocurrency meme community. There’s growing debate among members about whether this coin will sustain its upward trend and potentially spark another prolonged surge for other meme coins as well.
Can SHIB Break Out Of Downtrend?
As an analyst, I’ve noticed that the crypto market can be quite unpredictable, particularly for meme coins such as SHIB. Currently, SHIB is priced at $0.0000165 and has experienced a 3.81% decrease over the past week. Upon examining the charts, it appears that SHIB may soon break free from the prolonged downtrend that emerged in early June.
Two consecutive green candlesticks appeared on the daily chart for Friday and Saturday. This bullish sign, cherished by crypto traders, indicated a significant price rise for SHIB. Remarkably, this price surge moved approximately 47% of SHIB holders into profitable territory, compared to only 20.47% on July 5.
If the ongoing bullish trend persists, Shib might experience a significant increase of around 2-3 times its current value in the near future. Conversely, it’s also possible that this uptick is just a fleeting moment before the market reverts to a downtrend.
As a crypto investor, I believe that for Shiba Inu (SHIB) to continue its bullish run, the entire cryptocurrency market must exhibit a more optimistic outlook. If Bitcoin (BTC), the market leader, manages to break through the $61,000 resistance in the upcoming week while SHIB holds onto its present support levels, there’s a good chance that SHIB will follow suit and experience further gains.
Read More
- USD ZAR PREDICTION
- LUNC PREDICTION. LUNC cryptocurrency
- BICO PREDICTION. BICO cryptocurrency
- SOL PREDICTION. SOL cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- USD PHP PREDICTION
- USD COP PREDICTION
- GBP CHF PREDICTION
- EUR MYR PREDICTION
- EUR BRL PREDICTION
2024-07-07 22:11