Shiba Inu Shiba Inu SHIB-3.26% The second biggest meme coin in the business, Shiba Inu, traded at $0.000018, where it has been for the last few weeks; it gained around 70% from its lowest level in this year.
Its consolidation is also indicative of that of other cryptocurrencies, which have been stuck over the recent past. More specifically, Bitcoin Bitcoin BTC -3.31% has been trading above $72,000 on this week’s basis.
A potential driving force for Shiba Inu is the fact that momentum for its Shibarium network has shifted to a positive trajectory this week. ShibariumScan’s data indicates that accounts on the network totaled 177,000, up from 127,000 on Oct. 1. These were predominantly created on Oct. 17.
The network’s transactions have also continued to rise, resulting in a cumulative total of 438 million, up from 416 million earlier this month.
Activity on Shibarium, Shiba Inu’s layer-2 network which, interestingly, was designed to use the BONE token for processing transactions, is somehow impressive, in the sense that most of these BONE tokens are converted to SHIB and burned.
Shiba Inu might get an added prop from a possible rebound in bitcoin past its all-time high of $73,800, possibly sparking a rip-roaring hike in meme coins.
The daily chart reveals that, since reversing the prior trend into a double-bottom formation at $0.00001253, the Shiba Inu has managed to move above the neckline at $0.000016.
Further, Shiba made a bullish pennant formation, which denotes a long vertical line followed by the formation of a symmetrical triangle. As the triangle approaches its confluence point, a bullish breakout is likely.
Shiba Inu has rallied above the 50-day moving average, lending credence to the bullish breakout proposition.
If so, SHIB could retest $0.00002150, the September 27 peak. A rise above this could suggest further expansion towards $0.000030, the peak reached on May 29, implying a 60% gain from the latest price.
