Memecoin Shiba Inu (SHIB) is back in action. In the past 24 hours, SHIB price rocketed more than 30% and reached an intraday high of $0.00001766. The recent price rally in Shiba Inu is taking place against the background of a strong accumulation of whales. As on-chain data provider Santiment writes:

“Shiba Inu has been on the move this weekend and is up +34% in the last 24 hours while #crypto has been fairly flat. Not coincidentally, whales have been very active on $SHIB. There have been 433 transactions worth $100k+, most in 4 months”.

Courtesy: Saniment

At the time of writing, Shiba Inu (SHIB) is currently trading up more than 15% at a price of $0.0000163. Most of the price increase in Shiba Inu has occurred in the past 48 hours.

Shiba Inu Breakout on Technical Charts

Memcoin Shiba Inu (SHIB) recently gave a “cup-and-handle” breakout that led to this price pump. According to Investopedia, “A cup and handle is a technical card pattern similar to a cup and handle where the cup is shaped like a ‘u’ and the handle has a slight downward deviation”. Check out the image below to understand Shiba Inu’s “cup-and-handle” patterning.

Courtesy: TradingView

The breakout in the chart above shows that the SHIB price could travel the arrow’s distance in the next price momentum. Thus, Shiba Inu has enough potential to rise another 50% above its current level. By September 2022, the SHIB price could move towards $0.00002253. Here’s more on what’s next for the SHIB award going ahead.

Shiba Inu has been part of a number of significant developments in recent days. Last week, Binance added support for SHIB on all of its payment cards issued in the European market. This allows Binance card users to pay with SHIB at more than 60 million merchants worldwide. Users do not have to pay any FX fees and also earn up to 8% cashback.

Bhushan is a FinTech enthusiast and has a good flair in understanding financial markets. His interest in economics and finance draws his attention to the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In his spare time, he reads thriller-fiction novels and sometimes explores his culinary skills.

The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication is not responsible for your personal financial loss.

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