Shiba

Rally

Rune

USDC

Shiba Inu

<img width="1200" height="675" src="https://coingape.com/wp-content/uploads/2024/02/shiba-inu-SHIB.jpg.optimal-e1708019280683.jpg" class="attachment-full size-full wp-post-image" alt="Shiba Inu Price Surged 60% In Just One Day; Buy or Sell" decoding="async" style="float:right; margin:0 0 10px 10px;">
The cryptocurrency market resumes a bullish trajectory following the Bitcoin price, which is 5% up today. The aggressive volume in spot ETFs continues to fuel the underlying asset which is barely 4% below the All time high of $68,789. Amid this uptick, the <a href="https://coingape.com/price/shiba-inu/">Shiba Inu price</a> jumped 47% to breach another key resistance of $0.00003 . 
Also Read: <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> 
<h2 id="b-shiba-inu-eyes-growth-as-whales-increase-holdings-b">Shiba Inu Eyes Growth as Whales Increase Holdings</h2> 
<figure style="width: 100%" class="wp-caption alignnone">
 <a href="https://coingape.com/shiba-inu-whale-moves-3-tln-coins-shib-price-rockets-70/"><img decoding="async" src="https://s3.tradingview.com/snapshots/8/80ufox3B.png" alt="BINANCE:SHIBUSDT Chart Image by sahilmahadik07" width="1946" height="893"></a>
 <figcaption class="wp-caption-text">
 SHIB| Tradingview
 </figcaption>
</figure> 
<a href="https://coingape.com/shiba-inu-whale-moves-3-tln-coins-shib-price-rockets-70/">SHIB</a>, the second largest memecoin has shown consistent growth for the past eight days, where price surged $0.00000946 to $0.0000377, registering over 250% growth. This recovery backed by increasing volume and remarkable growth in Future Open Interest reflects a sustainable growth and market interest for this asset. 
Moreover, Rune Christensen, the founder of MakerDAO, has made significant purchases of the meme cryptocurrency SHIB, as spotted by the on-chain data tracker Spotonchain. On March 1st, Christensen invested 100K USDC to acquire 7.41 billion SHIB, just before the price of the token surged by approximately 60%.&nbsp; 
A subsequent purchase of 17.629 billion SHIB with 400K USDC was made 12 hours ago, preceding a price increase of around 20%. These strategic investments by a prominent figure in the DeFi space have coincided with notable price movements in SHIB giving additional confirmation of prolonged recovery ahead. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <a href="https://twitter.com/hashtag/MakerDAO?src=hash&amp;ref_src=twsrc%5Etfw">#MakerDAO</a> founder, Rune Christensen (<a href="https://twitter.com/RuneKek?ref_src=twsrc%5Etfw">@RuneKek</a>), bought <a href="https://twitter.com/search?q=%24SHIB&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SHIB</a> before the price surged sharply again! 
 • He bought 7.41B <a href="https://twitter.com/search?q=%24SHIB&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SHIB</a> with 100K <a href="https://twitter.com/search?q=%24USDC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$USDC</a> for the first time on Mar 1. The price then soared by ~60%. • He bought 17.629B <a href="https://twitter.com/search?q=%24SHIB&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SHIB</a> with 400K <a href="https://twitter.com/search?q=%24USDC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$USDC</a> again 12 hours ago. The price then… <a href="https://t.co/uwGkKzjKYx">https://t.co/uwGkKzjKYx</a> <a href="https://t.co/selfIrtZKM">pic.twitter.com/selfIrtZKM</a> 
 — Spot On Chain (@spotonchain) <a href="https://twitter.com/spotonchain/status/1764591666340724897?ref_src=twsrc%5Etfw">March 4, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Also Read: <a href="https://coingape.com/shiba-inu-burn-rate-soars-30000-will-shib-maintain-rally/">Shiba Inu Burn Rate Soars 30000%, Will SHIB Maintain Rally?</a> 
<h2 id="strong-will-shiba-inu-recovery-continue-strong">Will Shiba Inu Recovery Continue?</h2> 
An analysis of the chart shows the Shiba Inu price is developing a bullish reversal pattern called rounding bottom. This U-shaped recovery hints the coin price is emerging from a long accumulation to enter a new recovery trend.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 
Currently trading at $0.00003, the SHIB price has recently remained at the $0.00003 psychological level. If the coin price manages to sustain above this flipped support, the buyers may drive a rally to $0.00004, followed by $0.000045. 
<h2 id="b-technical-indicator-b">Technical Indicator:</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">Exponential Moving Averages: A sharp uptick in the daily <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/">EMAs</a>(20, 50, 100, and 200) reflects the broader trend remains aggressively bullish.</li> 
 <li style="font-weight: 400;" aria-level="1">Relative Indicator: The daily RSI at 95% of the asset has entered an overbought territory indicating the coin holder may soon witness a notable correction.&nbsp;</li> 
</ul> 
The post <a href="https://coingape.com/markets/shiba-inu-price-rally-whale-buys-signal-potential/">Shiba Inu Price Rally Not Over? Whale Buys Signal Further Growth Potential</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Shiba Inu Price Rally Not Over? Whale Buys Signal Further Growth Potential

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