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).
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.
SHIB has gained more momentum l Source: SHIBUSDT on TradingView.com
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.
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.
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