Shiba Inu (SHIB) Price Skyrockets By 28%: 4 Key Reasons
29 Fevereiro 2024 - 1:00PM
NEWSBTC
The price of Shiba Inu (SHIB) has surged by 28% in the last 24
hours and 45% in the last seven days. Today’s surge can be
attributed to a confluence of factors, including a rekindling meme
coin frenzy, actions by crypto whales, a favorable chart setup, and
significant partnerships and ecosystem expansions. Here’s an
in-depth look at these pivotal elements fueling SHIB’s impressive
rally. #1 Meme Coin Frenzy In the wake of yesterday’s significant
Bitcoin surge, there’s seemingly a noticeable resurgence of
interest in higher-risk investments within the crypto sphere. An
examination of the most recent 24-hour performance data reveals
that the top three performers among the top 100 cryptocurrencies,
measured by market capitalization, are all meme coins. Leading the
pack is BONK with an impressive 52% gain, followed by Dogecoin with
a 33% increase, and SHIB rounding out the trio with a 25% rise.
This trend suggests that we may be on the cusp of another meme coin
rally. Crypto analyst Rekt Capital has contributed to this
narrative by sharing a chart depicting the total market
capitalization of altcoins, excluding the top 10. His analysis,
encapsulated by the remark, “ALTS Altcoin Market Cap is on the
right track,” highlights a breakthrough past a significant
resistance level. The market is now poised to target a $315.57
billion valuation, currently standing at approximately $272
billion. $ALTS Altcoin Market Cap is on the right track#BTC #Crypto
#Bitcoin pic.twitter.com/wNJ7grLbFl — Rekt Capital (@rektcapital)
February 29, 2024 #2 Whale Movements A notable development that has
captured the crypto community’s attention is that a whale has made
significant moves within the meme coin market, particularly with
Shiba Inu (SHIB) and Pepe (PEPE). These transactions came to light
through the analysis of Lookonchain, which detailed the whale’s
manoeuvres on social media. Related Reading: Here Are The Factors
Driving The Shiba Inu Recovery Above $0.00001 According to
Lookonchain’s insights, this unidentified investor transferred an
eye-catching 1.97 trillion PEPE tokens, valued at around $6.07
million, to Binance. This strategic shift yielded a profit of $3.49
million, showcasing the investor’s adept timing and market
navigation skills. Subsequently, capitalizing on this lucrative
outcome, the whale pivoted towards Shiba Inu, withdrawing 75.9
billion SHIB tokens—equivalent to $893,000—from Binance mere hours
later. #3 Chart Setup Another contributing factor might have been a
bullish pattern for SHIB which emerged three weeks ago,
foreshadowing a potential upturn in its market trajectory. Since
mid-December 2023, SHIB’s price movement has been characterized by
a descending parallel channel. Related Reading: Shiba Inu:
Shibarium Transaction Activity Spike Amid Market Growth A pivotal
moment came on February 7, when SHIB broke free from this channel,
surpassing the 200-day Exponential Moving Average (EMA) and
subsequently breaching the 20- and 50-week EMAs. This development
has set the stage for the current rally. This breakout is of
particular interest because it reflects a similar pattern observed
in October 2023, when SHIB experienced a breakout from a descending
channel, leading to an almost 80% increase in its value over the
span of 59 days. Should the SHIB market replicate this historical
performance, the target might be set at the 0.786 Fibonacci
retracement level, priced at $0.00001525. Achieving this would
represent a significant rally of approximately 73%. #4 Partnerships
and Expanding Ecosystem Yesterday, the SHIB team announced a
partnership with Zama, a leader in Fully Homomorphic Encryption
(FHE) technology. This collaboration aims to enhance the privacy
and security features of the SHIB ecosystem. Zama’s expertise in
cryptography and FHE will enable SHIB to process data in its
encrypted state, ensuring user privacy and data protection. This
strategic alliance not only fortifies the ecosystem’s security but
also showcases SHIB’s commitment to innovation and user trust.
Shiba Inu lead developer Shytoshi Kusama remarked: Our latest
partnership is a BIG one. Pay close attention to why Encryption and
Privacy are important to the Shib Ecosystem and state! SHIB has
recently been very active in entering into new partnerships. Most
recently, K9 Finance was accepted into the SHIB army. Overall,
the combination of resurging interest in meme coins, strategic
investments by crypto whales, a favorable chart setup, and
impactful partnerships have probably collectively fueled SHIB’s
price surge. Featured image created with DALLE, chart from
TradingView.com
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