Shiba Inu (SHIB) Rebounds Massively Amidst Renewed Price Confidence From Large Holders
- PHPzOriginal
- 2024-07-17 19:18:23384browse
Popular crypto meme coin Shiba Inu surged by double digits in the past 24 hours amidst a positive performance in the wider market.
Shiba Inu (CRYPTO: SHIB) surged by double digits on Saturday as the meme coin showed signs of life following a seven-day price decline.
What Happened: SHIB spiked over the past few hours, trading as high as $0.00001748, up 15% in the past 24 hours.
The price action appeared to be driven by the activity of large SHIB holders, according to on-chain data from IntoTheBlock.
The activity of large transactions, defined as those valued at $100,000 or more, surged by 190% during the past 24 hours.
The total value of large transactions during this period was $74.56 million, marking the highest level in the past seven days.
This activity drove up the price of SHIB, placing the meme coin back in the spotlight and sparking speculation among members of the SHIB community.
The meme coin community is speculating on whether SHIB can continue its bullish momentum and lead other meme coins into an extended bull run.
At the time of writing, SHIB was trading down 3.81% over the past seven days, trading at $0.0000165.
SHIB appeared to be breaking out of a major downtrend that began in early June.
On the daily candlestick chart, two consecutive green candles had formed on Friday and Saturday, a bullish signal that traders watch closely.
These green candles pushed many SHIB addresses into the profitability zone, with holders making money at the current price increasing to 47% of all addresses, up from 20.47% on July 5.
Continuing the current bullish momentum could see SHIB quickly multiply 2-3x from here in the short term.
On the other hand, this upswing could be a temporary blip before the downtrend continues.
For SHIB to sustain this bullish momentum, the overall cryptocurrency market would need to shift towards a more bullish trend.
If SHIB can maintain its current support levels and Bitcoin (CRYPTO: BTC) trades above $61,000 next week, then SHIB may rise in line with the apex crypto.
See More: Best Cryptocurrency Scanners
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