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The price of Shiba Inu has made a recovery days after it hit a near-term low. 
Shiba Inu (<a href="https://crypto.news/price/shiba-inu/" target="_blank" rel="noreferrer noopener">SHIB</a>), the meme coin with the second-largest <a href="https://crypto.news/meme-coins/" target="_blank" rel="noreferrer noopener">market capitalization</a>, has shrugged off the bearish grip that had held it in the last few days, culminating in a near-term low of $0.000007195 on Sept. 21. 
At the time of writing, SHIB had witnessed robust buying activity, with <a href="https://coinmarketcap.com/currencies/shiba-inu/" target="_blank" rel="noreferrer noopener">data</a> from CoinMarketCap indicating a figure of $123,205,529. It was a near-80% improvement from the previous 24 hours and played a significant role in pushing up the SHIB price by at least 3.6% to $0.00000757. 
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 Shiba Inu price chart | Source: CoinGecko
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According to analysts, this current price is head and shoulders above SHIB’s exponential moving average (EMA) 100 trend line, which signifies it is breaking out of the previous bearish pattern. 
 You might also like: <a href="https://crypto.news/shiba-inu-rebounds-after-shibarium-fix-this-project-threatens-its-limelight/"> Shiba Inu rebounds after Shibarium fix; this project threatens its limelight </a> 
According to blockchain tracker and analytics platform Whale Alert, Shiba Inu’s improved trading volumes were primarily achieved on the back of significant whale activity. 
On Sept. 22, Whale Alert signaled that nearly 4.6 trillion SHIB tokens valued at approximately $33.38 million were moved from a wallet belonging to Amsterdam-based crypto exchange Bitvavo to an unknown wallet.&nbsp; 
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 🚨 🚨 4,595,530,677,374 <a href="https://twitter.com/hashtag/SHIB?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#SHIB</a> (33,377,339 USD) transferred from <a href="https://twitter.com/hashtag/Bitvavo?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Bitvavo</a> to unknown wallet<a href="https://t.co/THVHI1QCE7" target="_blank">https://t.co/THVHI1QCE7</a>— Whale Alert (@whale_alert) <a href="https://twitter.com/whale_alert/status/1705238610503401561?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">September 22, 2023</a>
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Further, data from <a href="https://www.coinglass.com/currencies/SHIB" target="_blank" rel="noreferrer noopener">Coinglass</a> indicates a notable increase in short liquidation of SHIB, with as much as $110,000 worth of positions liquidated on Sept. 23. 
Despite the excitement surrounding Shiba Inu’s layer-2 network <a href="https://crypto.news/shiba-inus-shibarium-reemerges-after-initial-setbacks/" target="_blank" rel="noreferrer noopener">Shibarium</a>, the meme coin has been increasingly bearish. Its volatility rate has remained steady at 33.5%, suggesting additional price swings may not be in the offing, which could be good news for sellers. 
The <a href="https://crypto.news/meme-coins-drove-40-of-us-%d1%81rypto-investments-survey-reveals/" target="_blank" rel="noreferrer noopener">meme coin</a> market has had a mixed few days, with tokens like <a href="https://crypto.news/harrypotterobamasonic10inu-price-plunges-while-social-activity-hikes/" target="_blank" rel="noreferrer noopener">HarryPotterObamaSonicInu</a> (BITCOIN) and Bad Idea AI (BAD) gaining 5.9% and 9.5%, respectively on their previous prices, while more established coins such as Pepe (<a href="https://crypto.news/price/pepe/" target="_blank" rel="noreferrer noopener">PEPE</a>) and Floki (<a href="https://crypto.news/price/floki/" target="_blank" data-type="link" data-id="https://crypto.news/price/floki/" rel="noreferrer noopener">FLOKI</a>), and Baby Doge Coin (<a href="https://crypto.news/price/baby-doge-coin/" target="_blank" rel="noreferrer noopener">BABYDOGE</a>) losing anywhere between 1.2% and 5.2% of their values. 
 Read more: <a href="https://crypto.news/former-binance-vp-sees-dapps-meme-coins-as-next-crypto-catalysts/"> Former Binance VP sees dapps, meme coins as next crypto catalysts </a>

Shiba Inu price goes green after bearish consolidation

crypto.news

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