Shiba Inu Coin Price Soars 12% Today; Is It Too Late To Enter?

Over the past three months, the Shiba Inu coin price action has shaped into a rounding bottom pattern. This pattern consists of three phases, a downfall, consolidation(accumulation), and uptrend, displaying a U-shaped recovery.

Timeline of Shiba-inu

David Gokhshtein believes that once SHIB starts moving, the other top meme coins will start growing as well. The other top meme coins that are close to SHIB in popularity are Floki Inu (FLOKI) and Baby Doge Coin (BabyDoge).

Shiba Inu has been making headlines recently as the release of the Shibarium upgrade was teased by Shytoshi Kusama three days ago. However, things might not be going well outside the ecosystem.

Shiba Inu (SHIB), the second-largest memecoin, has been working on enhancing its brand value by forming partnerships with clothing brands like Bugatti Group and English designer John Richmond.

The year 2023 has had a positive impact on the entire crypto market especially Bitcoin which saw a jump of 40% in just one month. As the flagship currency began its recovery rally, so did the other altcoins, including the meme currency, Shiba Inu.

According to new information distributed by the Shibburn monitoring website, the Shiba Inu community has significantly reduced the number of SHIB meme tokens circulating during the last twenty-four hours.

According to recent data shared by the Shibburn tracking website, over the period of the last 24 hours, the Shiba Inu community has substantially advanced in removing SHIB meme tokens from the circulating supply.

The price of Shiba Inu (SHIB) has been trending upward in recent days, gaining by as much as over 50% from the start of the year. Indeed, technical indicators hint at a possible price rally extension if the asset manages to hold key positions in the coming days.

He notes that Shiba Inu appears to be breaking out of a bullish pennant and predicts that if SHIB continues to trade above $0.011, it could run toward $0.017. This represents a nearly 54% increase from the current price.

Shiba Inu is one of the most ubiquitous memecoin in the market today. Coingecko data notes a continuous upward momentum, with the token gaining nearly 8.3% in the weekly time frame with gains also made in the short periods.

Popular crypto tracking service Whale Alert has detected 10 massive transfers of Shiba Inu (SHIB) conducted by the Binance exchange over the period of the past 24 hours. Etherscan shows there were more transfers than those spotted by Whale Alert — almost another trillion SHIB.