Shiba Inu (SHIB), the world’s second-largest meme cryptocurrency, has seen its value continue to rise as interest from fans and investors alike has skyrocketed.
Shiba Goes Bullish
As of publication, the token’s value had risen by roughly 10% in 24 hours and by nearly 22% over the previous seven days. The bulls are clearly in control at the moment, as seen by on-chain indicators.
Furthermore, Santiment data reveals that on January 10 there was a dramatic increase in the volume of SHIB coins being moved to exchanges. There were more than 14 trillion tokens placed on exchanges today. This may suggest that rather than being sold in the spot market, these assets are being utilized to initiate derivative positions.
Traders and Whales Focus on SHIB
Meme tokens, and SHIB in particular, continue to see heavy trading volume as investors presumably await the debut of the layer 2 network Shibarium, which offers a canine-themed spin on Ethereum-based decentralized applications. Within the next few weeks, a beta version should become available.
Shibarium would make it possible for programmers to create and release distributed applications, with the goals of reducing transaction costs and increasing network scalability, as asserted by Shiba Inu developers.
In addition, massive whale acquisitions have helped propel SHIB’s recent upswing. Not only is SHIB the most actively traded cryptocurrency, but it is also one of the most often acquired tokens by the top 500 Ethereum whales. If the bullish reversal pattern on the weekly chart holds true, SHIB’s price increase should continue over the next several weeks.
We are now in the breakout phase of a falling wedge pattern for the meme token. The new target price is $0.00002063, a 35% increase from today’s values, and this target might be reached in March.
Despite the possibility of any minor bearish outbreaks in the future, I believe that SHIB will go on with its bullish movement.