The rise of Bitcoin (BTC) price, above $92k in the past few days, has triggered a significant increase in memecoin trading. Official Trump (TRUMP) token doubled in value on Wednesday, thus rejuvenating the memecoin rebound – led by Floki, Pudgy Penguin (PENGU), Dogecoin (DOGE), and Shiba Inu (SHIB), among others.
According to market data from Binance-backed Coinmarketcap, the memecoin’s daily average trading volume surged by over 102 percent to hover about $13.3 billion at the time of this writing,
Shiba Inu price has closely mirrored Ethereum’s fractal pattern in the past twelve months. The mid-cap memecoin, with a fully diluted valuation of about $7.9 billion and a 24-hour average trading volume of about $290 million, had been trapped in a falling channel in the past two quarters.
However, SHIB price, in the daily timeframe, has been forming a reversal pattern in the past three months. From a technical analysis standpoint, SHIB price has formed a possible inverse head and shoulders pattern, coupled by a bullish divergence of the Relative Strength Index (RSI) in the daily timeframe.
With the daily MACD indicator on the cusp of flipping to bullish sentiment, SHIB’s price is well positioned to rally at least 100 percent in the coming weeks.
The SHIB’s short-term bullish sentiment may be invalidated if the memecoin retraces below the upper border of the falling channel in the coming days.
The Shiba Inu memecoin has gradually evolved to a utility-based project following the rollout of the Shibarium layer two scaling solution. Moreover, more than 18 DeFi projects have launched on the Shibarium network, led by ShibaSwap and WoofSwap.
As a result, Shibarium’s total value locked (TVL) has gradually increased to about $2.3 million at the time of this writing. The rising on-chain activity for Shibarium has helped increase Shiba Inu’s daily burn rate, thus increasing value to the holders.
JPMorgan Chase & Co. (NYSE: JPM), a top-tier financial institution with a sprawling global presence,…
Future Pepe has officially launched its presale, initiating an ambitious mission to safeguard meme coin…
The United Kingdom is moving toward stronger cryptocurrency regulations. The government is working on new…
In 2025, Dubai crypto regulation has strengthened the city’s role as a global crypto hub.…
Solana, a blockchain platform often praised for its scalability and low transaction costs, has recently…
History shows that when it comes to crypto investing, it’s the early birds that often…
