This year’s crypto winter has created one of the most devastating effects in the crypto space in history. With the recent events, however, there seems to be an industry resettling period. The crypto industry is also experiencing encouraging relief after the July special report by the CPI and other factors.
It is showing positive results as some of the cryptocurrencies are performing well. One of the top performing crypto assets, Shiba Inu is (SHIB),
It hasn’t just made a comeback, but it has also seen a price rise that is more impressive. Within the last 24 hours, Shiba Inu’s price has risen significantly. SHIB’s intraday trading performance has seen an increase in value to $0.00001766.
SHIB’s outstanding price-position has slowly pushed the token up to the top over the last few days. This trend is supported in part by the large and significant accumulation of prominent whales that are used to protect the assets.
Saantiment is an analytics company that analyzes on-chain data and provides reports about the Shiba Inu’s progress. The meme coin’s value has been exploding over the past weekend, it was revealed. The meme coin’s value climbed up to 34% over the last 24 hours, despite tokens showing a flat trend.
Santiment stated that SHIB’s price rise is due to support from large whale deposits of coins. ShibaInu reported that there were 433 transactions worth over $100,000.
Shiba Inu Major developments And Price Movement Pattern
Shiba Inu has seen some important developments in recent weeks. Binance, a crypto-giant, has placed SHIB on all of its European payments cards last week. Binance customers could now use SHIB to make payment at over 60 million global merchants. Customers with Binance cards would be eligible to receive up to 8 percent cashback, and no foreign exchange fees.
The description for the recent performance of Shiba Inu is tagged as a ‘Cup-and Handle’ trend that caused its price surge. Technically, the Cup-and-Handle refers to a chart that looks like a cup with its handle. There is always the ‘U’ movement for the token and a little downward shift for the handle.
The meme coin has a remarkable ability of achieving a 50% increase in price if it follows this pattern. As a result, there’s a forecast that the price of SHIB could hit $0.00002253 by September 2022.
SHIB trades at $0.0000158 as of the writing. This is a steep climb. The vast accumulation of SHIB tokens has caused most spikes in the SHIB token’s price.
Featured image taken from Pixabay. Chart from TradingView.com