Shiba Inu (SHIB) jumped by 33% and we have three likely reasons allowing this price increase to happen. According to David Gokhshtein, the founder of Gokhshtein Media and former U.S. congressional candidate, the meme token might still have room on the upside.
Shiba Inu (SHIB) Spike as Ethereum’s Merge Is Drawing Near and Due to Some Other Factors
Firstly, this happened as the Ethereum chain is coming close to the date announced by Vitalik Buterin last week — the day on which the long-expected Merge upgrade is likely to take place, Sept. 15, a month out from today. The second reason for the rise, especially that of SHIB, is the return of retail interest.
🐱📈 #ShibaInu has been on the move this weekend, and is up +34% in the past 24 hours while #crypto has been fairly flat. Not so coincidentally, whales have been very active on $SHIB. There have been 433 transactions valued at $100k+, the most in 4 months. https://t.co/Nq78D7h88k pic.twitter.com/9JTtGMMQcj
— Santiment (@santimentfeed) August 15, 2022
As Santiment shared, during the weekend it had spotted increased activity on SHIB transactions. The amount of value moved by whales in SHIB equals more than $100,000, which is roughly 1,089,692,794 meme tokens. Over the weekend, as reported by WhaleStats data aggregator, the top 100 whales on Ethereum purchased a comprised $57 million worth of SHIB, briefly pushing the meme coin to the number 1 spot on the top 10 list of assets held in their wallets.
Besides, Gokhshtein tweeted, “Anyone watching SHIB right now. It looks like it’s fueling up for another leg.”
Anyone watching $SHIB right now. It looks like it’s fueling up for another leg.
— David Gokhshtein (@davidgokhshtein) August 14, 2022
In the past week, Gokhshtein predicted Shiba Inu’s recent move, saying, “Shib also looks like it wants to rip” while posting a “watch out” emoji in a tweet. SHIB was a top gainer in the market on Aug. 14, rallying a whopping 35% from lows of $0.0000126. Shib demonstrated a breakout above the July 20 high of $0.0000131 to reach highs of $0.0000179 on Aug. 15 before a slight retreat. Analysts believe Shiba Inu may continue to outperform if the breakout indicated by a bullish inverted head and shoulders (H&S) pattern on its daily chart is confirmed. An inverse or reverse head and shoulders pattern often indicates that a downward trend is about to reverse into an upward one. Based on macroeconomic uncertainties in the cryptocurrency market, this remains speculative.
Read more:
- Shiba Inu (SHIB) Forming A Bottom Pattern Before The Massive 25% Move
- After A Faltering First Half Of 2022, Shiba Inu (SHIB) Showed Signs Of Recovery That Began In July