Shiba Inu (SHIB) is making a comeback! After a rough week, the popular meme coin has surged by double digits in the past 24 hours, fueled by a positive overall crypto market.
Whale Activity Sparks Hope
Large investors, known as “whales,” are behind this recent surge. Their transaction activity has skyrocketed by 229% since July 4th, injecting fresh confidence into the market. This has pushed SHIB’s price up to $0.00001748, reversing most of its recent losses.
Breaking the Downtrend?
SHIB is still down 3.81% in the past week, but the recent surge has many hopeful. The charts are showing signs of a potential breakout from the downtrend that has plagued the coin since June. Two consecutive green candles on the daily chart are a bullish signal, and more than 47% of SHIB holders are now in profit.
What’s Next for SHIB?
If the bullish momentum continues, SHIB could easily double or triple in price in the short term. However, this could also be a temporary blip before the downtrend resumes.
The overall crypto market will play a major role in SHIB’s future. If Bitcoin can break through $61,000 and maintain its upward trajectory, SHIB could ride the wave. But if the market turns bearish again, SHIB might struggle to hold onto its gains.
It’s still too early to say for sure whether SHIB has truly turned the corner. But the recent surge and whale activity have injected a dose of optimism into the meme coin community.
