The Strong Accumulation by Whales Helps Shiba Inu’s Upward Trend

This bearish run has been extremely devastating for the crypto space. In fact, such effects had never been witnessed in the history of Blockchain technology. Fortunately, there seems to be a resettling phase in evidence. Surprising things have been happening, as revealed by recent events! 

Investors have begun to feel greatly relieved. They have begun to hope for better things. This optimism is based upon the report regarding the Crypto Price Index (CPI), publicized in July. Other factors are also responsible.

Shiba Inu is Having a Positive Time

Despite all the abounding pessimism, the crypto space is proving beneficial for certain digital currencies. These coins/tokens are exhibiting a gradual climb towards the top. One of them is Shiba Inu. In actuality, the performance of this meme coin has been outstanding. 

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The first half of the month of August 2022, has given proof of Shiba Inu’s astounding comeback! The price rally has been moving towards a higher banner than before. Whatever the price hikes have been, they have occurred within the short spans of 24 hours each. 

The meme coin has even hit $0.00001766, displaying a tremendous intraday trading performance. Intraday refers to ‘within the day’, as the financial world understands it. Trading of securities takes place during normal business timings in the crypto marketplace. The securities may be ETFs (exchange-traded funds), stocks, etc. Even the difficulties that a certain digital asset goes through during 24 hours, is associated with Intraday. 

Shiba Inu’s Pricing

Shiba Inu (SHIB)’s significant price hikes, have taken it right up to the top. It has also helped that several prominent whales took such a keen interest in SHIB. They stepped in for substantial and massive accumulations of the meme coin.

Santiment is a firm that analyses on-chain data. This firm began to provide regular reports about how Shiba Inu was progressing. According to them, the value of the meme coin has been skyrocketing. The advancement was more obvious during a particular weekend. As a result, the token had garnered 34% in value, within the span of a single day. This was in sharp contrast to certain other tokens/coins, which had sustained a flat trend.

The surveyors also explained that whales were responsible for the hike in SHIB pricing. Over 433 transactions had been recorded. The worth of these monetary deals amounted to $100,000, and beyond.

Important Developments Regarding SHIB

Several developments have recently occurred. They have proved significant for Shiba Inu’s progress. 

Payment Cards

To begin with, Binance placed Shiba Inu on every payment card that could be used in European markets. It is a recent event. Now, Binance is akin to a global giant in the crypto arena. Therefore, such an action should suffice to awaken interest in investors across the world.

The Binance payment cards enabled Binance’s fans to pay for international purchases via SHIB. They could approach around 60 million merchants across Europe, and elsewhere. Additionally, they would earn up to 8% in cashback rewards. Furthermore, they would be entitled to zero FX charges.

Cup-and-Handle Trend

Ever since its price surge, Shiba Inu’s performance has acquired the label of Cup-and-Handle trend. The label points towards a technical label for a specific chart pattern. The pattern on the chart for the price hike, resembles a cup with a handle. The token’s movement is depicted in a U shape. The handle displays a slight downward shift. 

Price Hike

The pattern on the chart refers to a positive innings for Shiba Inu. It is all too possible that the meme coin may experience a price surge, soon. This hike could be 50% more than what it is now. Therefore, there is the expectation, and the prediction, that SHIB may reach $0.00002253, by next month. This would be September 2022. 

The current value of SHIB is $0.0000158. However, investors are not disheartened. They are quite hopeful that the value will spike. After all, the whales are still keen to accumulate Shiba Inu at a rapid pace. Therefore, the owners of Shiba Inu must do everything they can to sustain their interest.