Popular meme cryptocurrency Shiba Inu increased by double digits in the last 24 hours amid a positive performanceand the broader market. According to price data, SHIB surged in the past few hours to hit a high of $0.00001748, effectively reversing most of its losses over the past seven days.
This remarkable rally has left the meme coin community excited and speculating about SHIB’s future movements. Interestingly, on-chain data shows that the renewed price confidence has been driven by the activity of large holders, who have increased their transaction value by 229% since July 4.
SHIB recovers massively
After reaching support at the lows of $0.00001298 on July 5, Shiba Inu rebounded sharply, reversing the previous negative trend. This rally saw SHIB maintain a price increase throughout Saturday. The overall sentiment was generally positive during the trading session as most large-cap cryptocurrencies saw price increases triggered by bitcoin.
Curiously, data from IntoTheBlock shows a 190% increase in inflow activity for large SHIB transactions. This surge caused the total value of transactions of $100,000 or more to skyrocket to $74.56 million, its highest level 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 on whether the cryptocurrency can maintain the bullish momentum and lead other meme coins on another extended bull run.
Can SHIB break out of the downtrend?
The cryptocurrency 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 3.81% over a seven-day period. Looking at the charts, it’s clear that SHIB still seems to be on the verge of breaking out of the significant downtrend that has persisted since early June.
The daily candlestick chart showed two consecutive green lights 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 profitable zone. The number of holders making money at the current price is now around 47% of the total addresses, a huge increase from 20.47%. Recorded on July 5th.
If the current bullish momentum holds, SHIB could easily double or triple its value in the near term. On the other hand, there is a chance that this rally could be a temporary blip before the downtrend continues.
For SHIB to be sustainablecrypto-bull-run-incoming-in-july-pepe-bonk-and-shiba-shootout-expected-to-explode/” target=”_blank” rel=”noopener nofollow”>Maintain this bullish momentumThe broader cryptocurrency market needs to shift towards a more bullish trend. SHIB can rise in line with bitcoin if it can hold its current support levels and the latter breaks above $61,000 in the coming week.
Featured image by Dogster, chart by TradingView
