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'Dogecoin Killer' Shiba Inu Explodes For 60% Weekly Gain: This Indicator Shows Golden Cross

Published 01/03/2024, 21:57
Updated 01/03/2024, 23:10
© Reuters.  'Dogecoin Killer' Shiba Inu Explodes For 60% Weekly Gain: This Indicator Shows Golden Cross

Benzinga - by Khyathi Dalal, Benzinga Staff Writer.

Shiba Inu (CRYPTO: SHIB) is trading 11% higher over the past 24 hours amid rising whale transactions and a major use case update for one of its tokens, TREAT.

What Happened: Shiba Inu's gains tally to 60%, per CoinMarketCap data.

Lucie, the marketing lead of Shiba Inu, indicated that its upcoming token, TREAT, has a significant use case.

The reward token will provide liquidity to the upcoming SHI stablecoin and will replace the BONE token as the reward token for ShibaSwap, Shiba Inu's decentralized exchange.

TREAT will also provide rewards for SHIB: The Metaverse and the blockchain version of the Shiba Inu-themed collectible card game Shiba Eternity.

There is a high likelihood of the presence of Shiba Inu’s lead developer, Shytoshi Kusama at the ongoing ETHDenver 2024. The event ends on March 7, and the Shiba Inu community is speculating about a major development.

Also Read: A Shiba Inu Whale Just Bought 551 Billion SHIB - Last Time They Did That, SHIB Pumped 1,100%

Why It Matters: IntoTheBlock data indicated that transactions greater than $100,000 stood at 495 transactions on Feb. 29, compared to 221 transactions on Feb. 28 — more than doubling in a single day.

The month of February saw Shibarium burns at 643.7 million tokens, worth $8,264. However, this is lower than the January levels of 9.93 billion SHIB tokens.

The community expects a portal that will automatically burn SHIB tokens. It is undergoing rigorous testing on the testnet version of Shibarium, Puppynet.

What’s Next: Technical analysis shows that when the 50-day Simple Moving Average (SMA) and the 100-day SMA meet at one cross, it is commonly referred to as a "Golden Cross" or "Death Cross," depending on the direction.

The Benzinga Labs chart indicates that the 50-Day SMA crossed above the 100-Day SMA, marking a Golden Cross.

However, the RSI indicator at 100 indicates extremely overbought conditions and a potential reversal signal.

IntoTheBlock data shows that 57% of holdersare in profit 57%, 6% are at breakeven and the remaining 37% are in the red.

Read Next: 'Dogecoin Killer' Shiba Inu Leaps 15% Off Partnership News - 'Extremely Good Chart' Primed For 'Huge Run,' Says Analyst

Image: Pixabay

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

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