Benzinga - by Khyathi Dalal, Benzinga Staff Writer.
Shiba Inu (CRYPTO: SHIB) prompted bullish analysis from traders amid its decentralized exchange ShibSwap launching on Shibarium.
What Happened: Heavily followed crypto trader Cold Blooded Shiller, in an Wednesday tweet, noted that Shiba Inu is ready to make a move. Crypto trader Eugene Ng Ah Sio responded affirmatively, stating, "Trying not to overthink memes and play the patterns that appear the strongest."
In 20IQ szn you're looking for 20IQ entry signals.Breaking the trendline that has been respected on every single daily close for the past 2 months will be one of those.$SHIB starting to tick. https://t.co/rxyKHm28J3 pic.twitter.com/q5GcjQhzIc
— Cold Blooded Shiller (@ColdBloodShill) May 15, 2024
Crypto and NFT analyst Davie Satoshi tweeted that he has realigned his portfolio to capitalize on a potential short-term upside in Shiba Inu as he "felt underexposed."
He further noted that the "short-term upside here from the pennant pattern looks pretty sweet" and that the token had just broken through the blue resistance line, indicating a potential bullish trend. The "pennant pattern" he referred to is a common technical analysis pattern that often signals a continuation of a trend, in this case, a potential upward trend for SHIB.
Price Action: In the past 24 hours, SHIB is up 6.7% to trade at $0.00002527, taking its weekly gains to 12.2%.
Also Read: ‘Dogecoin Killer’ Shiba Inu Pushes Mainstream Adoption And Is On The Verge Of ‘4X Breakout’, Says Trader
Why It Matters: Shiba Inu ecosystem DEX ShibaSwap announced going live on Shibarium, introducing new features including a rise in SHIB burns and new liquidity pools. Alongside Ethereum, the multi-chain decentralized exchange ShibaSwap now exists simultaneously on Shibarium.
The community also hints at a much-awaited ShibaSwap V2 and V3 which may lead to more advancements for the ShibArmy.
Whale Alert data indicated that 3 trillion SHIB tokens, worth $74.8 million, was transferred from an unknown wallet to Robinhood. On May 15, Coinbase received 144 billion SHIB from cryptocurrency trading company, Cumberland. OKX witnessed an influx of 50.4 billion SHIB.
Shibburn data shows a 307.7% spike of SHIB’s burn rate in the past 24 hours, with one transaction burning 1 million tokens.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next: What Does Technical Analysis Say About Dogecoin And Shiba Inu?
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.