Shiba Inu, often referred to as the “Doge Killer,” has come a long way in recent weeks due to the much-anticipated launch of Shibarium. In recent weeks, Shiba Inu (SHIB) has been making waves and attracting the attention of traders. Although the market for meme coins is troubled these days, Shiba Inu keeps the promises of the market by generating lucrative returns with its skyrocketing rise.
Shiba Inu flashes bullish stats
As the week comes to a close, many altcoins are devising strategies to recover from their week-long losses. Among these determined coins, Shiba Inu stands out, having passed the remarkable milestone of $0.00001.
Arkham Intelligence data shows that crypto whales have transferred tens of billions of Shiba Inu meme tokens between various crypto trading platforms in the past few hours. The analytics platform identified six substantial transactions, each transferring at least one billion SHIB, with the most significant transaction being 10 billion Shiba Inu tokens. This incident marks a notable contribution to the recent bullish rally in the SHIB price chart.
In addition, recent data from the Shibburn explorer indicates that 70 billion Shiba Inu meme tokens have been sent to inaccessible wallets in the past 24 hours, effectively removing them from circulation permanently. This represents a slight increase in the SHIB burn rate, which is now 12.8% compared to the previous day.
Data from Into The Block shows that the average balance of addresses has increased significantly over the past three days. The average increased from $6,959 to $7,728 on August 10. This suggests an upward trend in SHIB accumulation, possibly anticipating an imminent bull run.
What’s next for the SHIB price?
The price of SHIB recently recovered from the ascending channel’s support line at $0.0000094, indicating that buyers remain active during minor downside corrections. At the time of writing, SHIB’s price is trading at $0.00001023, up more than 3.1% in the past 24 hours.
The price was driven well above the 20-day EMA by buyers, paving the way for a potential rise to $0.00001. This level could pose a significant challenge to SHIB’s price as sellers are willing to open short positions.
However, if the bulls remain strong near this level and successfully hold the price in this region, the price of SHIB could witness another potential rise above $0.0000105. This momentum could push the price towards $0.000012.
This bullish outlook may be short-lived if the price drops from its current position or encounters resistance and drops below the channel. In addition, the RSI indicator has reached overbought territory, indicating a downward correction ahead. This scenario could push the price down to $0.0000087, a critical level to monitor. If this level fails, the price could drop to $0.000008.