Popular crypto meme coin Shiba Inu rose by double digits in the past 24 hours amid a positive performancee in the broader market. According to price data, SHIB climbed to a peak of $0.00001748 in the past few hours, effectively reversing most of its losses over the past seven days.
This remarkable rally has the meme coin community buzzing and speculating about SHIB’s future movements. Interestingly, on-chain data shows that the renewed price confidence has been fueled by the activity of large holders who have increased the value of their trades by 229% since July 4th.
SHIB bounces back enormously
After reaching support at a low of $0.00001298 on July 5, Shiba Inu rebounded sharply, reversing the previous negative trend. This rebound allowed SHIB to maintain a price increase throughout Saturday. The overall sentiment was generally positive during the trading session, as most large cap cryptocurrencies saw price increases led by Bitcoin.
Interesting enough, data from IntoTheBlock shows a 190% increase in inflow activity of large SHIB transactions. This increase caused the total value of transactions worth $100,000 or more to skyrocket to $74.56 million, the highest in the past seven days.
These large transactions, coupled with the 15% price increase, seem to have put Shiba Inu back into the spotlight. Members of the meme coin community are starting to speculate whether the crypto can maintain its bullish momentum and lead other meme coins into a new long-term bull run.
Can SHIB break the downtrend?
The crypto market can be wild, especially for memecoins like SHIB. At the time of writing, SHIB is trading at $0.0000165 and is still down 3.81% in a span of seven days. Looking at the charts, it’s clear that SHIB still looks like it’s on the verge of breaking out of the major downtrend that has been ongoing since early June.
The daily candlestick chart flashed two consecutive green colors 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 profitability zone. The number of holders making money at the current price is now around 47% of the total number of addresses, a huge increase from 20.47% recorded on July 5.
Continuing the current bullish momentum could easily send SHIB up 2-3x in the short term. On the other hand, there is a possibility that this uptick is a temporary blip before the downtrend continues.
For SHIB to stopmaintain this bullish momentumshould shift the overall cryptocurrency market to a more bullish trend. SHIB could rise in line with Bitcoin if it can hold its current support levels and the latter breaches $61,000 in the coming week.
Main image of Dogster, chart from TradingView