Popular Crypto Coin Shiba Inu has increased by double digits in the past 24 hours amid a positive performancee in the broader market. According to price data, SHIB has climbed in the past few hours to a high of $0.00001748, reversing most of its losses from the past seven days.
This remarkable rebound has left the meme coin community buzzing and speculating about SHIB’s future movements. Interestingly, on-chain data shows that the renewed confidence in the price has been driven by the activity of large holders who have increased the value of their transactions by 229% since July 4.
SHIB rebounds massively
After hitting the support at $0.00001298 on July 5, Shiba Inu rebounded strongly, reversing the previous negative trend. This rebound saw SHIB price maintain an upward trend throughout the day on Saturday. The overall sentiment was generally positive during the trading session, with most large-cap cryptocurrencies seeing price rallies triggered by Bitcoin.
Interesting way, data from IntoTheBlock The data shows a 190% increase in inflows from large-scale SHIB transactions. This increase pushed the total value of transactions worth $100,000 or more to $74.56 million, its highest level in the last seven days.
These large transactions, coupled with the 15% price increase, seem to have brought Shiba Inu back into the spotlight. Members of the meme coin community are starting to wonder if the crypto can maintain its bullish momentum and lead other meme coins into another extended bull run.
Can SHIB Break Out of Downtrend?
The cryptocurrency market can be very dynamic, especially for cryptocurrencies like SHIB. At the time of writing, SHIB is trading at $0.0000165 and is still down 3.81% over a seven-day period. Looking at the charts, it is clear that SHIB still appears to be on the verge of breaking out of the major downtrend that has been going on since the beginning of June.
The daily candlestick chart showed two consecutive greens on Friday and Saturday, which is a bullish signal that crypto traders love to see. Notably, these green candles pushed many SHIB addresses into the profitable zone. The number of holders making money at the current price is now around 47% of the total addresses, a sharp increase from 20.47% recorded on July 5.
Continuation of the current bullish momentum could easily push SHIB up 2-3x in the short term. On the other hand, there is a possibility that this surge is just a temporary blip before the downtrend continues.
For SHIB to suspendmaintain this upward momentumThe overall cryptocurrency market needs to move towards a more bullish trend. SHIB could rise in line with Bitcoin if it can hold its current support levels and the latter breaks above $61,000 next week.
Featured image by Dogster, chart by TradingView
