World Of Charts noted that SHIB is moving towards targets and has already achieved over 20% profit. Anticipation surrounding a potential SHIB exchange-traded fund (ETF) and increased trading activity have contributed to this rise.
Additionally, the U.S. Securities and Exchange Commission’s approval of Ethereum spot ETFs has fueled discussions about a possible SHIB ETF, further influencing market sentiment.
Shiba Inu’s performance this year has been notable. Its value has reached levels comparable to early April. Over the past week, SHIB has risen by 7% and 5.32% in the last 24 hours. As of press time, SHIB is trading at $0.00002881. This surge has attracted attention from both traders and investors.
Technical indicators also support the bullish outlook for SHIB. The Relative Strength Index (RSI) on the daily price chart reads 60.91. This neutral position indicates that SHIB is neither overbought nor oversold. Traders interpret this as a potential continuation of the current trend.
Additionally, the Moving Average Convergence Divergence (MACD) on the daily price chart reads 0.00000049. This suggests a potential bullish trend reversal, as the MACD line is above the signal line. Traders look for confirmation from other technical indicators before making trading decisions.
Meme Coin Watch: PEPE Surpasses MATIC, DOGE, WIF, and MEME Show Bullish TrendsConcurrently, whales have executed substantial trades targeting Shiba Inu (SHIB) and Pepe (PEPE). Lookonchain, an analytics platform, recently highlighted an anonymous whale shifting investments from PEPE to SHIB. Initially, this whale held 1.97 trillion PEPE tokens valued at over $6.07 million. The investor deposited these tokens into Binance, realizing a profit of $3.49 million.
Subsequently, the whale acquired approximately $75.9 billion SHIB for $893 million. These assets were transferred to an undisclosed wallet. This significant shift from PEPE to SHIB underscores the investor’s confidence in Shiba Inu. Some market watchers speculate this trend might resume, contributing to the recent SHIB upsurge.
