Shiba

Rally

Burn

Propel

Shiba Inu

<img width="1380" height="824" src="https://coingape.com/wp-content/uploads/2024/02/image-2024-02-17T145404.787.jpg" class="attachment-full size-full wp-post-image" alt="Shiba Inu (SHIB)" decoding="async" style="float:right; margin:0 0 10px 10px;" srcset="https://coingape.com/wp-content/uploads/2024/02/image-2024-02-17T145404.787.jpg 1380w, https://coingape.com/wp-content/uploads/2024/02/image-2024-02-17T145404.787-300x179.jpg 300w, https://coingape.com/wp-content/uploads/2024/02/image-2024-02-17T145404.787-1224x731.jpg 1224w, https://coingape.com/wp-content/uploads/2024/02/image-2024-02-17T145404.787-768x459.jpg 768w, https://coingape.com/wp-content/uploads/2024/02/image-2024-02-17T145404.787-150x90.jpg 150w" sizes="(max-width: 1380px) 100vw, 1380px">
Shiba Inu Price: <a href="https://coingape.com/shiba-inu-burn-rate-soars-30000-will-shib-maintain-rally/">Shiba Inu</a> (SHIB), ranked as the second-largest meme cryptocurrency, has risen for eight consecutive days and jumped $0.00000923 to $0.00002055, registering 120% growth. This rally backed by rising volume and the development of a bullish reversal pattern indicates the coin price is poised for a higher rally. 
Also Read: <a href="https://coingape.com/memecoin-mania-shiba-inu-shib-price-shoots-52-insider-predicts-800-rally-in-a-week/">Memecoin Mania: Shiba Inu (SHIB) Price Shoots 52%, Insider Predicts 800% Rally In A Week</a> 
<h2 id="strategic-on-chain-moves-propel-shib-to-stellar-gains">Strategic On-Chain Moves Propel SHIB to Stellar Gains</h2> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/k/KAfdI7Wu.png" alt="BINANCE:SHIBUSDT Chart " width="1946" height="893">
 <figcaption class="wp-caption-text">
 Shiba Inu Price| Tradingview
 </figcaption>
</figure> 
The cryptocurrency market picked up aggressive bullish momentum in late february as Bitcoin price witnessed massive demand from the traditional market through <a href="https://coingape.com/bitcoin-etf-net-inflow-last-week-bloomberg-hints-at-fall/">spot ETFs</a>. With an early hours gain of 38%, the SHIB price hit 22- month high of $0.000023, followed by a minor retracement to $0.00002027 
<blockquote>
 The dramatic rally in Shiba Inu (SHIB) price within 24 hours has been closely linked to notable on-chain activities highlighted by Spotonchain. Just two days before the surge, an astute trader known as “0x37d” strategically withdrew 75.91 billion <a href="https://coingape.com/shiba-inu-whale-moves-3-tln-coins-shib-price-rockets-70/">SHIB</a> from Binance, which led to a 69% profit increase, equating to a $614K gain following the price pump.&nbsp;
</blockquote> 
Furthermore, a significant move by MakerDAO’s founder, who purchased 7.41 billion SHIB for the first time, resulted in a 47.1% return, netting $47.1K in profit. Another noteworthy activity involved an Upbit-related wallet that accumulated 2.13 trillion $SHIB in 24 hours, making it the seventh-largest SHIB holder with 12.45 trillion SHIB.&nbsp; 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 The <a href="https://twitter.com/search?q=%24SHIB&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SHIB</a> price soared over 50% (24H). What happened on-chain in the past 3 days leading to the pump? 
 1. Smart trader 0x37d withdrew 75.91B <a href="https://twitter.com/search?q=%24SHIB&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SHIB</a> (currently $1.51M) from <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a> 2 days ago before the pump, now making $614K (+69%). <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f514.png" alt="🔔" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/qknAUOYg82">https://t.co/qknAUOYg82</a> 
 2. <a href="https://twitter.com/hashtag/MakerDAO?src=hash&amp;ref_src=twsrc%5Etfw">#MakerDAO</a>… <a href="https://t.co/qwXzW28r1N">pic.twitter.com/qwXzW28r1N</a> 
 — Spot On Chain (@spotonchain) <a href="https://twitter.com/spotonchain/status/1763759623268360637?ref_src=twsrc%5Etfw">March 2, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
These transactions showcase how smart money players are actively accumulating the asset providing retail traders more conviction for the higher rally.&nbsp; 
Also Read: <a href="https://coingape.com/markets/shiba-inu-coin-price-analysis-as-token-burn-rate-skyrockets-driving-shib-rally/">Shiba Inu Coins Prediction As Rising Burn Rate Sparks a Parabolic Price Rally</a> 
<h2 id="strong-will-shiba-inu-price-recovery-continue-strong">Will Shiba Inu Price Recovery Continue?</h2> 
The rising <a href="https://coingape.com/price/shiba-inu/">Shiba Inu price</a> witnessed a surge in supply pressure at $0.0000212 evidenced by the long-wick rejection candle in the daily chart. The overhead selling pressure may trigger a minor pullback and retest the recently reclaimed level of $0.00001788 and $0.00001518. 
However, this correction is necessary for the asset to maintain a long-term rally as buyers manage to regain strength during such breaks. 
<h2 id="b-technical-indicator-b">Technical Indicator:</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">Bollinger Band: The rising coin price challenges the upper boundary of the <a href="https://coingape.com/education/bollinger-band/">Bollinger band</a> indicator project and the buyers are dominating this asset.</li> 
 <li style="font-weight: 400;" aria-level="1">Relative Indicator: The daily RSI(95%) slope climbing to the overbought region reflects the SHIB price is poised for a minor retracement.</li> 
</ul> 
The post <a href="https://coingape.com/markets/shiba-inu-price-hits-22-month-onchain-activity-will-rally/">Shiba Inu Price Hits 22-Month High Amid Key Onchain Activity, Will Rally Continue?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Shiba Inu Price Hits 22-Month High Amid Key Onchain Activity, Will Rally Continue?

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