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

Popular crypto meme coins Shiba Inu It has surged by double digits in the past 24 hours. Positive performanceAcross the market, SHIB has risen in the past few hours, hitting a record high of $0.00001748, essentially recovering most of the losses from the past seven days.

This surprising bounce has the meme coin community buzzing and speculating about SHIB’s future. Interestingly, on-chain data shows that the new confidence in the price was buoyed by activity from large holders, who increased trading volume by 229% since July 4th.

SHIB rebounds sharply

Shiba Inu bounced back sharply after hitting support at a low of $0.00001298 on July 5, reversing its previous negative trend. The bounce helped SHIB maintain its price gains throughout Saturday. Overall sentiment during the trading session was generally positive as most major cryptocurrencies experienced a price rally driven by Bitcoin.

Interestingly, Data from IntoTheBlock This represents a 190% increase in inflows from large SHIB transactions. This increase helped total transaction value of $100,000 or more soar to $74.56 million, the highest in the past seven days.

With these large transactions and a 15% price increase, Shiba Inu seems to be back in the spotlight, and members of the meme coin community have begun to speculate as to whether the cryptocurrency can maintain its bullish momentum and lead other meme coins into another prolonged bull run.

SHIB’s market cap is currently $9.6 billion. Chart: Trading View

Can SHIB break out of the downtrend?

The cryptocurrency market can be turbulent, especially for meme coins like SHIB. At the time of writing, SHIB is trading at $0.0000165, down 3.81% over the seven day period. Looking at the chart, SHIB appears to be trying to break out of a major downtrend that has been in place since early June.

The daily candlestick chart flashed green twice in a row on Friday and Saturday, which is a bullish signal that crypto traders want to see. Notably, these green candlesticks have pushed many SHIB addresses into the profit zone. The number of holders making profits at the current price is now around 47% of all addresses, a significant increase from 20.47%. Recorded on July 5th.

If the current bullish momentum continues, SHIB could surge 2-3x from here in the short term. On the other hand, this rally could also be a passing phenomenon before a continued downtrend.

For SHIB to sassMaintain this bullish momentumThe entire cryptocurrency market needs to shift to a more bullish trend, SHIB could hold current support levels and rise alongside Bitcoin if Bitcoin manages to surpass $61,000 in the coming week.

Featured image from Dogster, chart from TradingView

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