Shiba Inu Trends Upwards Through Strong Whale Accumulations
August 16 2022 - 11:00AM
NEWSBTC
This year’s crypto winter has created one of the most devastating
effects in the crypto space in history. But there appears to be a
resettling phase for the industry with the recent outplay of
events. Moreover, following the special report of the CPI for July
and other factors, the crypto space is seeing an encouraging relief
and hope. The crypto space is making a positive impact as the
performance of some cryptocurrencies takes a gradual up climb.
Among the outstanding performing crypto assets is the meme coin,
Shiba Inu (SHIB). Related Reading: Dogecoin Ready For 4th Straight
Week Of Gains – Even Without Elon Musk’s Backing The coin has not
just staged its comeback but has taken a higher banner with its
price rally. The price of Shiba Inu has gained significant value
within the past 24 hours. The upward climb has the SHIB hitting
$0.00001766 in its intraday trading performance. This excellent
price stance from SHIB has gradually taken the token to the top in
the past few days. The trend is supported by the massive and
substantial accumulation of some prominent whales for the assets.
Saantiment, an on-chain data analytics firm, provides reports on
the progressive advancement of Shiba Inu. It revealed that the meme
coin has been skyrocketing during the weekend. Its movement led to
amassing up to 34% in value within the past 24 hours despite some
tokens still maintaining a flat trend. Santiment explained that the
SHIB price rally is linked to the backing from substantial whale
accumulations of the coins. It disclosed that Shiba Inu had about
433 transactions estimated to be over $100,000. Shiba Inu Major
developments And Price Movement Pattern There are some significant
developments recently taking place for Shiba Inu. First, the global
giant crypto firm, Binance listed SHIB on all its payment cards in
the European market last week. With this support, customers with
Binance cards could make payments using SHIB in more than 60
million merchants globally. Also, they would enjoy up to 8%
cashback and zero FX charges. The description for the recent
performance of Shiba Inu is tagged as a ‘Cup-and Handle’ trend that
caused its price surge. The Cup-and-Handle is a technical term for
a chart pattern similar to a cup and its handle. There is always
the ‘U’ movement for the token and a little downward shift for the
handle. Related Reading: Polkadot (DOT) To Retest $9.88 Resistance
– Can Bulls Regain Solid Footing? By following this pattern, the
meme coin possesses a remarkable ability to make an additional 50%
price increase from its present position. As a result, there’s a
forecast that the price of SHIB could hit $0.00002253 by September
2022. At the time of writing, SHIB is trading at $0.0000158, with
an upward climb. Most of the spikes for the SHIB token occurred
within the past 48 hours through massive accumulation. Featured
image from Pixabay, chart from TradingView.com
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