Category: SHIB

This Shiba Inu On-Chain Metric Could Signal Future Price Rallies: Crypto Analytics Firm Santiment

This Shiba Inu On-Chain Metric Could Signal Future Price Rallies: Crypto Analytics Firm Santiment

Digital asset analytics firm Santiment says that traders should keep a close eye on one on-chain metric that can potentially signal major rallies for meme crypto asset Shib Inu (SHIB)
Santiment tells its 109,100 Twitter followers to watch the number of SHIB whale transactions exceeding $100,000.
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As DOGE, SHIB Markets Fall Back, Baby Doge Coin and Dogelon Mars Prices Skyrocket

As DOGE, SHIB Markets Fall Back, Baby Doge Coin and Dogelon Mars Prices Skyrocket

Following shiba inu’s 260% gains during the last 30 days, the third-largest meme-based crypto asset in terms of market capitalization, baby doge coin (BABYDOGE), has taken the lead in terms of market performance. Another meme asset, dogelon mars (ELON) has soared 286% this past week. Moreover, during the last seven days, baby doge coin’s price spiked 40% in value and over 3.4% in the last 24 hours.
This Past Week Dogelon Mars and Baby Doge Coin Soared in Value
While bitcoin (BTC) has spiked over the $60K zone and currently rests above $62K per unit, a number of other crypto-assets have followed the leading digital currency’s rise. The original and popular meme-based crypto-asset dogecoin (DOGE) has increased in value 6.4% during the last week, but two other meme cryptos have skyrocketed in recent times.
Coingecko’s Top Meme Crypto Assets in terms of market capitalization on Tuesday, October 19, 2021.
As far as the top meme-based crypto assets, in terms of market capitalization, two unique tokens have seen massive gains. The spikes in value follow the second-largest meme-based crypto shiba inu’s (SHIB) significant rise a week and a half ago.
The first-largest mover as far as meme currencies are concerned is dogelon mars (ELON), which has increased by 73.6% in the last 24 hours. Weekly stats show ELON is up a whopping 314.8% in value and the crypto asset trades for way less than a U.S. penny at $0.000000619134 per unit.
Dogelon mars (ELON) vs. tether (USDT) on October 19, 2021.
While dogelon has made it to the third-largest market cap in terms of meme-based crypto assets, ELON’s cap is only $332 million. That’s a far cry from SHIB’s $14 billion market valuation and DOGE’s $32.5 billion.

Baby Doge Moves Up the Ladder to the 4th Largest Meme Currency Market Cap
On August 28, 2021, coingecko’s “Top Meme Tokens” by market cap indicated that dogelon mars held the eighth largest market position. Today, dogelon mars is holding the third spot, but by only $12 million, as the crypto asset baby doge coin (BABYDOGE) has captured the fourth position with $310 million.
Baby doge coin (BABYDOGE) vs. tether (USDT) on October 19, 2021.
BABYDOGE is up 40% this past week and over 3.4% during the last day. Just like ELON, the crypto asset baby doge coin is also trading for less than a U.S. penny. At the time of writing, BABYDOGE is swapping for $0.000000001700 per coin and during the last day, it saw $9,062,901 in 24-hour trade volume.
Meanwhile, SHIB has dropped 6.8% this past week and DOGE is down 3.0% over the last 24 hours. As far as market performance is concerned, dogelon mars and baby doge coin are outshining their predecessors.
What do you think about dogelon mars and baby doge coin spiking in value during the last week? Let us know your thoughts about this subject in the comments section below.

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Baby Doge Coin, Baby Doge Coin (BABYDOGE), BABYDOGE, Coingecko Meme Stats, Doge, dogecoin, Dogecoin (DOGE), dogelon mars, Dogelon Mars (ELON), Elon, market performances, Markets, meme, Meme Coin Markets, Meme Cryptos, Meme Currency, Price Spikes, Prices, shib, shiba inu, shiba inu (SHIB)

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Shiba Inu eyes 'much wow' 90% breakout as SHIB price paints a textbook bull pattern

Shiba Inu eyes 'much wow' 90% breakout as SHIB price paints a textbook bull pattern

The Shiba Inu (SHIB) market is in a very strong bull market in 2021, and one major continuation pattern on its longer timeframe charts highlights the scope for an additional 90% upside move ahead.In detail, SHIB rose over 1,250% year-to-date (YTD) to establish the yearly high at $0.00003528 (data from Binance) on Oct. 8. Later, the cryptocurrency cracked under the profit-taking sentiment, leading to a 41.50% price correction to $0.00002060.But bulls started accumulating SHIB near the said low level. A rebound ensued and the price rallied over 55% to $0.00003200, where it met another round of selloffs. Overall, the SHIB price kept forming lower highs and higher lows in the next sessions, forming a Triangle structure that appeared like a Bull Pennant.Analysts treat Pennants as bullish continuation patterns, i.e., their formation, coupled with declining trade volumes, tends to send prices in the direction of their previous trend — by as much as the height of the previous price rally, also known as Flagpole. So it appears, SHIB has been forming the same structure.SHIB/USDT 12-hour price chart featuring Bull Pennant setup. Source: TradingViewThe SHIB Flagpole’s height comes to be around $0.00002450. Therefore, considering the cryptocurrency would pursue a breakout to the upside from the Bull Pennant’s apex (the level at which its upper and lower trendlines converge), its next target would be at around $0.00005200, roughly 90% higher.Yet, Pennants are notorious for being the worst reliable technical indicators, at least according to a study conducted by Samurai Trading Academy’s Cody Hind in 2020, based on his assessment of 10 years of market data and over 200,000 trading structures. He found that Bull Pennants successfully reached their price targets in 54.87% of cases.Macro fundamentalsThe SHIB price almost doubled in October in parts due to Tesla CEO Elon Musk’s cryptic endorsement of the Shiba Inu project and amid reports of whale buying activity and the rise of its decentralized exchange ShibaSwap.Soecifically, Musk posted the picture of his Shiba Inu puppy on Oct. 4. The billionaire entrepreneur’s tweet coincided with the SHIB price rallying by more than 330% in the next four days, reminiscent of how he influenced the prices of Dogecoin (DOGE) earlier this year.  Floki Frunkpuppy pic.twitter.com/xAr8T0Jfdf— Elon Musk (@elonmusk) October 4, 2021The jump also took cues from reports of whale buying activity in the Shiba Inu market. For the uninitiated, Yahoo Finance highlighted in his Oct. 5 report that an unknown entity purchased 6.2 trillion SHIB for circa $44 million in late September.Related: Shiba Inu rebounds 40% despite major selling by SHIB whalesMeanwhile, Shiba Inu’s namesake decentralized exchange ShibaSwap detected a surge in the amount held by its liquidity pools. As of Monday, the total value locked inside the ShibaSwap contracts was $411.42 million versus $253.41 million at the beginning of this month, as per data provided by DeFi Llama.ShibaSwap TVL as of Oct 18, 2021. Source: Defi LlamaAt its prime, in July 2021, ShibaSwap was managing $1.76 billion worth of funds via its liquidity pool.Ishan Arora, a hedge fund manager associated with Tykhe Block Ventures, told Yahoo Finance that Shiba Inu emerged as a product of an ongoing craze for meme cryptocurrencies, adding that most people buy these tokens by merely following some influencers’ advice.Arora warned investors about the risks of putting money into such one-hit wonders, but mentioned Dogecoin for its ability to return incredible profits earlier this year.”Early Doge investors last year did quite well, so it is not as black and white as most want it to be.”Meanwhile, crypto data tracking service Santiment detected an increase in Shiba Inu whale transactions over $100,000 in the past 24 hours, noting that their occurrence is typically bullish for SHIB.Shiba Inu whale transactions exceeding $100K. Source: Santiment”When these transactions come in bunches, price rises generally follow,” the platform wrote in a tweet published Monday.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

IMF Says Banking Sector Under Pressure From Crypto Adoption, Warns Against Meme Tokens: Report

IMF Says Banking Sector Under Pressure From Crypto Adoption, Warns Against Meme Tokens: Report

The International Monetary Fund (IMF) thinks crypto has the potential to put pressure on the banking sector.
In a new report, the IMF says technological innovation is changing financial services. The report notes that the banking sector could lose market share if the crypto ecosystem grows to become a mainstream alternative to bank deposits or current lending options.
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Why Shiba Inu (SHIB) Rallied 266% Following Biggest Dump In Its History

Why Shiba Inu (SHIB) Rallied 266% Following Biggest Dump In Its History

Shiba Inu (SHIB) is still on a bull trend after its meteoric rise last week. The asset had rallied 266% and by the time the rally reached its peak, SHIB had grown over 400% in a matter of hours. Its sudden rise in price has been attributed to a number of things. One of the most prominent being the tweet by Elon Musk of his pet Shiba Inu which he had gotten last month.
However, the price recovery had occurred at a point where the asset had been seeing massive amounts of coins dumped that led to a dip in its price. SHIB had hit a new six-month high at this point and sell pressures had mounted in the community. This was mostly due to the history of the meme coin which has no utility to speak of except the hype from its backers.
SHIB Holders Dump Billions
Santiment reported the digital asset had seen a record dump following its price rally. A reported 31.07 billion coins had been dumped by holders. Mostly from wallets that held between 1 million to 10 million SHIB in their wallets.
Related Reading | FTX CEO Sam Bankman-Fried Reveals Reason Behind Billions Of Dollars Tether Purchase
An interesting fact about this dump was that it had been mostly small traders who were dumping their bags. Contrary to expectations, Shiba Inu whales have mostly held their bags through the rally. While small-time traders shed their holdings onto micro traders.
The dump patterns had shaken the price of the asset, causing its hold on its new highs to falter in the meantime. But this would prove to not have a lasting effect on the market given that the price of the digital asset had rebounded from its Thursday lows, with a green seven-day trading average of 83.45%.

SHIB price falls to $0.000028 | Source: SHIBUSD on TradingView.com
Shiba Inu Benefiting From The Altcoin Craze
Bitcoin has shown investors the potential of investing in cryptocurrencies. But at its current value, investors have moved on to find what could be ‘the next bitcoin’ and altcoins have generally benefited from this sentiment.
The push for short-term gains in the market is also a reason behind the success of meme coins like Shiba Inu. Over the long term, top cryptocurrencies like bitcoin and ethereum have proven to be the better choice. Altcoins, however, have shown the most promise with short-term gains, especially coins which are hype-driven.
Related Reading | Bitcoin Over $100,000 Is Still Possible By Year-End, Says Research Analyst
Projects like these will experience significant price movements in reaction to things like a celebrity tweeting or posting about them. Investors can see massive gains from investing in these projects in just a matter of hours. But these coins crash as quickly as they had risen. Usually due to the hype around them dying down. Or in worst-case scenarios, the developers execute a rugpull and leave investors to deal with their now worthless coins.
Featured image from CoinGecko, chart from TradingView.com

Shiba Inu Outranks Chainlink And Takes Place In Top 15 Crypto-Assets

Shiba Inu Outranks Chainlink And Takes Place In Top 15 Crypto-Assets

Shiba Inu, the self-acclaimed Dogecoin-killer, has shaken the market with its recent bullish momentum.
The meme coin has surmounted over 350% upsurge within one week, ranking it amongst the top 12 cryptocurrencies based on market capitalization. Presently, SHIBA is the most traded currency on leading exchanges like Coinbase, Binance, and Huobi.
Memecoins
A meme coin is a digital currency linked with some theme, more often as a jest rather than for more serious products. Dogecoin was the very first meme coin deployed.
The Shiba Inu Protocol
Shiba Inu was developed by a person named Ryoshi in August 2020. The protocol’s three tokens SHIB, LEASH, and BONE, experienced tremendous increments within the past few weeks.
Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course
Last week, Shina increased to $0.000035, the second-highest record after an All-Time-High value of $0.000038 on May 10th, 2021. Just a few inches away from setting a new All-Time-High record.

SHIB Token is trading upwards | Source: SHIB/USD on TradingView.com
Just recently, SHIB’s market cap increased to over half of Dogecoin’s market cap. Currently, Dogecoin ranks 10th globally, with a market capitalization of $32 billion, while SHIB ranks 12.
The Whale-Sized Trading
Just after an anonymous whale trader decided to purchase over 6.3 Trillion SHIB tokens and increase SHIBS token valuation, it expanded massively.
As a result, Shiba has been one of the most traded digital currencies in the market within this past week. With a current market cap of over $13.23 billion, the coin spiked by 17% in the last 24 hours.
The deployment of Shiba Inu’s DEX ecosystem ShibaSwap and the introduction of the platform’s burn mechanism incited a rally in the altcoin’s prices. Some developments in SHIB are the main contributors to the massive growth in the price valuation.
Significant factors include the announcement of the release of 10,000 Shiboshis on ShibaSwap, the execution of the burn mechanism, and the increase in the number of token holders.
Shiba Inu To Venture Into Gaming
While Shiba Inu makes preparations to win the gaming sector, token holders anticipate a rise in its demand. At first, the protocol was experiencing the challenges of insufficient liquidity and inaccessibility of the platform updates.
Due to its recent token listing on Coinbase, the challenge of insufficient liquidity was salvaged to a great extent, noting how its daily trading volume surpasses $13 billion.
Shiba Inu Conquers Other Major Coins
The SHIB token has exceeded cryptocurrencies like Chainlink, Avalanche, Litecoin, and UniSwap.
Its double-digit increase within the last four days has assisted the nearly obliterated altcoins in arriving at the headlines again. During these few days of price rallying, the meme coin has successfully erased one zero from its price after over four months of price dormancy.
Featured Image From Pexels and Charts From TradingView.Com

Shiba Inu rebounds 40% despite major selling by SHIB whales

Shiba Inu rebounds 40% despite major selling by SHIB whales

Shiba Inu (SHIB) kickstarted its new weekly session in the green as it continued its bullish retracement move from last week’s low of $0.00002058.SHIB’s price logged an intraday high of $0.00002907 on Oct. 11, netting over 40% returns from its ongoing rebound trend. In doing so, the Dogecoin-inspired meme cryptocurrency eyed an extended runup toward its technical resistance level near $0.00002978, as shown in the chart below.SHIB/USDT 4H price chart. Source: TradingViewExtended rally ahead?The Shiba Inu chart also showed traders’ intention to accumulate SHIB tokens when its price tests the 20-4H exponential moving average (20-4H EMA; the green wave) as support. For instance, the cryptocurrency crashed by over 40% on Thursday as Shiba Inu’s addresses worth 1 million–10 million SHIB dumped over 31 billion tokens, the largest in six months, as per Santiment data. However, the price recovered as traders started accumulating SHIB tokens near the 20-4H EMA.Additionally, Shiba Inu’s ongoing retracement took cues from a potential correlation between the 1million–10 million SHIB address dump and its price. Santiment noted that Shiba Inu’s price rebounds every time after SHIB millionaires dump their holdings, as shown in the chart below.Shiba Inu supply distribution. Source: SantimentThat shows micro traders’ intention to absorb massive selloffs. Retail sentiment moonsThe bullish retracement in the SHIB market coincided with a rising number of internet queries for the keyword “Shiba Inu,” as per Google Trends. Web data shows a rise in the Shiba Inu trend in the United States on a 12-month interest timeframe, signaling booming retail interest. At 92, the trend is closer to the peak popularity score of 100, last seen in the second week of May. It indicates that more internet users are looking for information on Shiba Inu. Google searches for “Shiba Inu.” Source: Google TrendsNevertheless, the internet queries for the keyword “how to buy Shiba Inu” came out to be only 18 in the same period. Nonetheless, compared to the previous week, the interest shot up by 260%.Tale of two indicatorsOn a technical front, SHIB’s latest rebound move appears to have invalidated a bearish setup that Cointelegraph discussed in one of its previous coverages.Related: Shiba Inu is now a top-20 cryptocurrency with SHIB price soaring 300% in 9 daysSpecifically, SHIB’s price broke bullish out of an otherwise bearish descending triangle pattern as it closed above the structure’s upper trendline with a rise in trading volume. While the breakout still awaits confirmation, it has boosted the prospects of bullish continuation.The reason for an extended upside is a makeshift bull pennant, which typically sends the price higher by as much as the height of the previous upside move. In other words, SHIB’s breakout above its bull pennant pattern could send its price to $0.00004713.SHIB/USDT 4-hour price chart featuring bull pennant setup. Source: TradingViewMeanwhile, should the price slip back inside the pennant range, it would risk reactivating the descending triangle setup. In doing so, SHIB may eye a correction toward $0.00002195, followed by a negative breakout move toward $0.00001000.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Shiba Inu is now a top-20 cryptocurrency with SHIB price soaring 300% in 9 days

Shiba Inu is now a top-20 cryptocurrency with SHIB price soaring 300% in 9 days

The run-up in the price of Shiba Inu (SHIB) so far in October pushed the SHIB token to become the 20th largest digital asset by market capitalization.Shiba Inu’s circulating market valuation jumped to $11.08 billion earlier this week and is currently above $10 billion, putting it in the top-20 by market cap for the first time. As a result, the Dogecoin-inspired meme cryptocurrency became more valuable than popular blockchain projects like Stellar (XLM), Polygon (MATIC), and Tron (TRX).SHIB market cap versus price. Source: MessariThe growth in Shiba Inu’s valuation came on the heels of a tweet published by Elon Musk. On Oct 4, the Tesla CEO posted the picture of his pet dog—a Shiba Inu breed—with the caption “Floki Frunkpuppy.” SHIB jumped by more than 40% an hour after the tweet.Floki Frunkpuppy pic.twitter.com/xAr8T0Jfdf— Elon Musk (@elonmusk) October 4, 2021Crypto speculators tend to read too much into Musk’s tweets. For example, the billionaire entrepreneur was instrumental in pushing Dogecoin (DOGE) price higher earlier in 2021 via Twitter.SHIB price surged by almost 400% a week after opening the fourth quarter of 2021 at $0.00000725. In doing so, the token retested its five-month high of $0.00003528 on Oct 7.Nevertheless, SHIB underwent a 40%-plus price correction on the same date as some traders decided to unwind their spot positions for interim profits. As a result, Shiba Inu’s market cap fell in tandem, going to as low as $8.06 billion on Friday.SHIB/USDT daily price chart. Source: TradingView.comThe sell-off across Shiba Inu markets (against the dollar and Bitcoin) prompted buy-the-dip sentiment. A rebound rally ensued, which pushed the SHIB price up by more than 45%. At its highest on Saturday, the token was changing hands for $0.00003020, with its market cap around $10.73 billion.What is next for SHIB?Shiba Inu price dropped on Oct. 9 by more than 5% to reach a fresh intraday low of  $0.00002575. In doing so, the cryptocurrency hinted at forming a potential descending triangle pattern, suggesting additional losses ahead.Related: ‘Much ow’ ahead? Dogecoin chart fractal puts Shiba Inu’s 390% QTD rally in dangerIn detail, Descending Triangles are typically bearish patterns that form when the price trends lower while fluctuating between an area defined by two converging trendlines: one falling and the other, horizontal, such as the ones SHIB has formed in the chart below.SHIB/USDT four-hour price chart featuring descending triangle setup. Source: TradingView.comThe formation of lower highs atop a standstill support line indicates weakening buying sentiment among traders. As a result, the price ultimately tends to break below the horizontal trendline. In doing so, its target shifts to a level at a length equal to the maximum Triangle height. In other words, SHIB price may go under $0.00001000 in the coming sessions if the abovementioned support level fails to hold.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Meme Crypto Shiba Inu Skyrockets — SHIB Climbs 230% in a Week, Whale Buys 6 Trillion Tokens

Meme Crypto Shiba Inu Skyrockets — SHIB Climbs 230% in a Week, Whale Buys 6 Trillion Tokens

The cryptocurrency shiba inu has managed to capture the 18th position in terms of crypto market valuations. The token has gained 230% during the last seven days and year-to-date, SHIB has gained a whopping 24,177,682%.
SHIB’s Value Swells After Whale Buys $43 Million Worth of Tokens
The popular meme-based crypto-asset shiba inu (SHIB) has seen massive gains this year and has propelled itself into the top 20 market positions. At the time of writing, shiba inu has a market valuation of around $11.6 billion.

While seven-day stats show SHIB has jumped over 230%, monthly metrics show the crypto asset has gained close to 300%. On Friday, October 8, 2021, there’s $13.9 billion in 24-hour SHIB trading volume.
On September 30, 2021, a whale purchased over 6 trillion SHIB just before the price skyrocketed. Shiba inu made its way into the limelight when Ethereum co-founder Vitalik Buterin donated $1 billion worth of SHIB to India’s Crypto Covid Relief.

In recent times, Coinbase has listed shiba inu (SHIB) and the meme-based crypto asset has seen significant retail demand since the initial listing. The Shiba Inu team has also developed a decentralized exchange (dex) called Shibaswap.
Shibaswap has $364 million total value locked (TVL) and a few different crypto-assets tethered to the SHIB ecosystem like the tokens leash and bone. Leash is swapping for $1,871 per unit and bone swaps for $2.33 per token today.

🐳🐳 An SHIB whale just bought 6,178,758,122,373 $SHIB ($43,838,916 USD)
Transaction: https://t.co/X7mlV2fmKj#SHIB #ShibArmy #Shiba #SHIBARMY
— WhaleStats.eth – top 1K ETH wallets (@WhaleStats) September 30, 2021

Stats show the top SHIB exchanges on Friday include Binance, Huobipro, Okex, Coinbase, and Poloniex.
Tether (USDT) is the top pair today with SHIB and 78% of all SHIB trades are paired with USDT. This is followed by BUSD (11.29%), TRY (5.40%), EUR (3.02%), and WETH (0.67%).
What do you think about shiba inu’s massive gains this past week? Let us know what you think about this subject in the comments section below.

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6 Trillion Tokens, Altcoins, BONE, Coinbase, crypto assets, Cryptocurrency, dog, Fees, LEASH, markets and prices, Onchain stats, Percentage Gains, Prices, Retail Demand, shib, shiba inu, Shiba Inu Tokens, Shibaswap, Stats, transactions, whale

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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'Much ow' ahead? Dogecoin chart fractal puts Shiba Inu's 390% QTD rally in danger

'Much ow' ahead? Dogecoin chart fractal puts Shiba Inu's 390% QTD rally in danger

Shiba Inu (SHIB) has emerged as one of the best investments heading into the fourth and final quarter of 2021, with its price rising by over 390% in the first week of October. Nonetheless, the spin-off meme cryptocurrency now risks wiping most of those gains in the coming sessions.Yuriy Bishko, a Ukraine-based market analyst, discussed the potential bearish scenario based on Shiba Inu’s recent price trends, which appear eerily similar to those recorded in the Dogecoin (DOGE) market earlier this year.For instance, SHIB’s October price rally followed five months of consolidation inside a $0.00000398-wide price range. Similarly, DOGE’s sideways trend in Feb-April 2021, wherein its bids bounced between $0.0471 and $0.0630, served as a basis for a 500%-plus price rally in late April.DOGE/USDT versus SHIB/USDT daily price chart. Source: Yuriy Bishko, TradingView.comBishko said that traders who bought Shiba Inu tokens during its sideways consolidation phase should sell at least 20%–30% of their positions if they are still holding after the rally. Meanwhile, if SHIB’s net breakout stretch exceeds 500%, then traders should dump another 70%–80% of their net holdings.That is mainly because Dogecoin’s supersonic price rally in late April resulted in a circa 60% correction. Bishko added:  “If SHIB repeats the same pattern, [traders] can buy more coins at a 60% discount.”SHIB resumes uptrendThe profit-taking strategy appeared as Shiba Inu resumed its uptrend Friday after falling 41% in a price correction in the previous session.SHIB rallied almost 27.5% to hit an intraday high of $0.00002919, much in line with similar upside moves across all the top crypto assets, including Bitcoin (BTC) and Ether (ETH). Small-cap tokens typically tail trends in the top-cap markets; for instance, SHIB’s 390% quarter-to-date (QTD) price rally coincided with Bitcoin’s 30% upside move in the same period. SHIB/USDT daily price chart. Source: TradingView.comAt the same time, Shiba Inu’s daily relative strength index (RSI) identified the cryptocurrency’s current price valuations as overbought. Analysts consider an RSI reading above 70 as excessively valued for an asset, typically following up with either a price correction or sideways consolidation.Bleeding Crypto, a Twitter-based independent market analyst, anticipated that SHIB would retest its sessional high of $0.00003528. The pseudonymous analyst cited a Fibonacci retracement graph behind its bullish continuation setup, noting that SHIB’s ability to rebound strongly after falling almost 50% meant that “it’s going back to business.”$SHIB Looks like the 50% FIB is enough for $SHIB and its going back to business. Pretty impressed. I missed this whole train but I still like to admire the TA. Good Luck guys! pic.twitter.com/Ql9NI3rL0t— Bleeding Crypto (@Bleeding_Crypto) October 8, 2021Shiba Inu’s fundamentals seem to agree. As Cointelegraph covered earlier, the team behind the cryptocurrency has been attempting to become a contender in the DeFi space. In detail, it launched ShibaSwap, a decentralized cryptocurrency exchange platform, in early July 2021, which now has over $360 million locked inside its liquidity pool.Related: Is Dogecoin set to follow Shiba Inu’s (SHIB) 400% breakout?Moreover, the Shiba Inu speculators have also been showing interest in the next week’s launch of 10,000 nonfungible tokens (NFTs), dubbed “Shiboshi.” The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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