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- Shiba Inu exhibits strong bullish momentum ahead of the Shibarium mainnet launch.
- Large holder inflows surged 1,194%, indicating robust investor confidence.
Shiba Inu, the prominent memecoin, has maintained bullish momentum for over two weeks, coinciding with the anticipated launch of Shibarium, the Shiba-based blockchain mainnet, later this month. Positive sentiment is widespread across the Shiba ecosystem, with tokens such as Bone ShibaSwap (BONE), Doge Killer (LEASH), and Pawswap (PAW) all recording significant gains in the past 24 hours.
Shiba Inu (SHIB) has emerged as a top-performing cryptocurrency over the past week. The SHIB price currently stands at $0.0000109, reflecting a 9.31% increase. Trading volume has also jumped by 86.45%, reaching $592 million. Additionally, recent data from IntoTheBlock, a market intelligence platform, reveals a striking 1,194% surge in fund inflows from large Shiba Inu holders. The “Large Holders Inflow” metric tracks the movement of funds into addresses controlled by whales or significant investors.
Meanwhile, the Shiba community is buzzing with anticipation for the Shibarium launch. Shiba Inu co-founder Shytoshi Kusama has teased followers on his Telegram channel with hints regarding three upcoming partnerships. While he has kept the partner companies confidential, he confirmed that one of these “partnershibs” has already signed an agreement, with Shiba Inu’s “decentralization house” preparing to welcome “incredible and powerful advisors.” The second “partnershib” is expected to focus on technology and broader initiatives, with an announcement slated for August.
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Can SHIB Bulls Maintain Their Momentum?
An analysis of the TradingView SHIB daily price chart shows an upward movement above the short-term 50-day simple moving average (50 SMA), underscoring the prevailing bullish sentiment. The 50 SMA is currently positioned at $0.00000979.
SHIB Price Chart, Source: TradingView
The daily Relative Strength Index (RSI) indicates that SHIB has breached the overbought threshold, registering a value of 73. This suggests a potential overbought condition.
If the current pattern holds, SHIB’s price could potentially reach resistance levels at $0.00000908 and $0.00001280. Conversely, if the trend reverses, the price might retreat to support levels at $0.00000774 and $0.00000708.
