Why is Shiba Inu pumping harder than most cryptocurrencies?

Why is Shiba Inu pumping harder than most cryptocurrencies

It’s happened! Dogecoin Killer, as Shiba Inu is referred to by that name, is surpassing its biggest competitor in market capitalization. It also makes it to the Top 10 largest coins!

While the entire market is bleeding, SHIB is reaching a new ATH

Wednesday, October 27, 2021 is not one of the best days in the cryptocurrency market. The vast majority of coins are taking a deep dive. Meanwhile, dynamic movements can be boasted by Shiba Inu, which knocks out another new peak in its value, thus increasing by more than 700% during the month.

The reason for such intensely growing interest in the cryptocurrency in recent days is the petition that users of the Robinhood app have launched. It is aimed at forcing the authorities of the popular broker to list SHB token in its ecosystem. This action has already collected nearly 330 thousand signatures.

This issue is of fundamental importance for the future of Shiba Inu, despite the fact that this being a meme-coin, it has no particular basis for its existence. However, it is a very popular and extremely highly speculative asset. Any indication of a potential listing in such a large application as Robinhood is entitled to have a very strong impact on the price. And that is what is happening as well. Nevertheless, Robinhood’s authorities, headed by CEO Vlad Tenev, have not particularly addressed the needs of its users, indicating the caution with which they approach the introduction of new coins.

Meanwhile, Shiba Inu’s market capitalization has surpassed the $30 billion barrier, allowing it to not only leapfrog Dogecoin, but even cement its place in the top 10 largest coins. 

Shiba Inu (SHIB) from the perspective of technical analysis

Hype is a phenomenon that is difficult to break. However, it should be remembered that all growths come to an end at some point. In the case of the SHIB token, there are many indications that a correction may be just around the corner. After reaching the ATH of $0.00008685, we observe a bearish divergence on the RSI indicator. We can say the same about the Bollinger Bands, which draw attention to the too rapid price movement. In such a situation, a correction should be expected. It becomes very possible to test the May ATH and to establish it as a support.

Fibonacci retracements, in turn, show the potential points of rebound of the current rally. Macro scale, taking into account the spring peak and summer bottom, determines for the moment the resistance in the vicinity of 2.272 of the value of the abolition. Its potential breakout could take SHIB value to the vicinity of 2.618.

SHIB volume on exchanges is falling

Interesting data is shared with us by Santiment. According to the popular analytics platform, the number of SHIB tokens held on exchanges is steadily declining. This means that Shiba Inu speculators are not eager to sell their coins and withdraw them to cold wallets. So does this give room for further meme-coin increases? We will soon find out.

Zdjęcie
Łukasz

Łukasz

Market Analyst

Disclaimer: Blockbulletin does not take accountability of investments based on the information of the website. We highly advice readers to make extensive research prior to any invest

Share this article

More analyses

All articles loaded
No more articles to load

More news

XRP

XRP outperforms Bitcoin and Ethereum

In the past week, XRP decisively outperformed its main rivals, Bitcoin (BTC) and Ethereum (ETH), in terms of capital flows. Moreover, it recorded an impressive $2.7 million…

Solana and Avalanche on the eye of investment funds

Two alternative coins, Solana (SOL) and Avalanche (AVAX), are gaining increasing interest and are successively attracting the attention of investment funds. Although bitcoin (BTC) remains the main…
All articles loaded
No more articles to load

Learn more

Cryptocurrency wallets

Cryptocurrency wallets

We talked about security when trading crypto assets in an article titled “Online security“. We also mentioned how important it…
hardware wallets

Cryptocurrency hardware wallets

From the article titled “Cryptocurrency wallets” you learned about the different types of wallets. They were briefly characterized there. Let’s…
Where to buy cryptocurrency brokers

Which cryptocurrency Brokers to use

In the article “Where to Buy Cryptocurrencies (Exchanges)“, we introduced you to which exchange platforms you can purchase cryptocurrencies on.…
Trading cryptocurrencies

Trading cryptocurrency

In the cryptocurrency market, you face many opportunities to invest in cryptocurrency or buy or sell cryptocurrency. If you want…
All articles loaded
No more articles to load

Latest news

All articles loaded
No more articles to load