Popular Cryptomeme Coin Shiba Inu increased by double digits in the last 24 hours as a result of positive resultse in the broader market. According to price data, SHIB has surged in the past few hours, reaching a high of $0.00001748, effectively reversing most of its losses from the past seven days.
This remarkable rebound has left the meme coin community in a state of hype and speculation about SHIB’s future moves. Interestingly, on-chain data shows that the renewed confidence in prices has been buoyed by activity from huge holders, who have increased the value of their transactions by 229% since July 4.
SHIB is making up for losses at an impressive pace
After reaching support at $0.00001298 on July 5, Shiba Inu rebounded sharply, reversing the previous negative trend. This rebound saw SHIB maintain a price rally throughout Saturday. The overall sentiment was generally positive during the trading session as most large-cap cryptocurrencies saw price increases led by Bitcoin.
Interestingly, data from IntoTheBlock shows a 190% boost in inflow activity from huge SHIB transactions. This boost brought the total value of transactions worth $100,000 or more to $74.56 million, the highest in the last seven days.
These huge transactions, combined with a 15% price boost, appear to be putting the Shiba Inu back in the spotlight, with members of the meme coin community beginning to speculate whether the cryptocurrency will be able to maintain its bullish momentum and lead other meme coins into another long bull run.
Can SHIB break the downtrend?
The cryptocurrency market can be crazy, especially with meme coins like SHIB. At the time of writing, SHIB is trading at $0.0000165 and is still down 3.81% in seven days. Looking at the charts, it’s clear that SHIB still looks like it’s going to break out of the major downtrend that’s been going on since early June.
The daily candlestick chart flashed two consecutive green colors on Friday and Saturday, which is a bullish signal that cryptocurrency investors love to see. Interestingly, these green candles pushed many SHIB addresses into the breakeven zone. The number of holders making money at the current price is now around 47% of all addresses, a huge boost from 20.47% Recorded July 5th.
Continuation of the current bullish momentum could easily see SHIB rise 2-3x in the near term. On the other hand, there is a possibility that this rally will be a momentary dip before the downtrend continues.
For hanging SHIBmaintain this bullish momentumthe entire cryptocurrency market needs to move towards a more bullish trend. SHIB could rise in line with Bitcoin if it manages to hold current support levels and the latter surpasses $61,000 in the coming week.
Featured image from Dogster, Chart from TradingView
