Shiba Inu experiences strong bullish momentum with the upcoming Shibarium launch.
SHIB Large holders’ inflow soared 1,194%, showing strong investor confidence.
Shiba Inu, the distinctive memecoin, has been riding a bullish momentum for over two weeks now, coinciding with the upcoming launch of the Shiba-based blockchain mainnet known as Shibarium later this month. The entire Shiba ecosystem is awash with positive sentiment, notably Shiba-based coins like Bone ShibaSwap (BONE), Doge Killer (LEASH), and Pawswap (PAW), all of which have surged significantly in the past 24 hours.
Shiba Inu (SHIB) tokens have emerged as top performers among cryptocurrencies in the past week. At present, the SHIB price stands at $0.0000109, marking a 9.31% increase. The trading volume has also surged by 86.45%, reaching $592 million. Moreover, recent data from IntoTheBlock, a Market Intelligence Platform, reveals an astonishing 1,194% surge in inflow of funds from large Shiba Inu holders. The “Large Holders Inflow” metric from IntoTheBlock tracks the movement of funds into addresses owned by whales or significant holders.
Meanwhile , the dog community along with the anticipation for Shibarium launch, and Shiba Inu’s co-founder, Shytoshi Kusama, has tantalized followers with hints of three upcoming partnerships in his Telegram channel. While he remains tight-lipped about the partner companies, he did confirm that one of these “partnershibs” has already inked the agreement, with Shiba Inu’s “decentralization house” poised to welcome “incredible and powerful advisors.” The second “partnershib” is anticipated to focus on technology and furthering grand causes, with an expected announcement in August.
Will the SHIB Bulls Sustain Their Strength?
An assessment of the TradingView SHIB daily price chart highlights an upswing above the short-term 50-day simple moving average (50 SMA), underlining the current prevailing bullish sentiment. The 50 SMA presently rests at $0.00000979.
SHIB Price Chart, Source:TradingView
The daily Relative Strength Index (RSI) suggests that SHIB has breached the overbought threshold, registering a value of 73. This signals a potential overbought condition.
If the existing pattern persists, the price of SHIB could potentially reach resistance levels of $0.00000908 and $0.00001280. Conversely, if the trend reverses, the price might retreat to support levels at $0.00000774 and $0.00000708.