Since yesterday, Shiba Inu (SHIB) has **been**45%, and in the last 7 days it has **28%. Factors such as the resurgence of the meme currency boom, crypto whale activity, favorable chart setups, and significant collaborations and ecosystem expansions have combined to contribute to today's spike. Take a closer look at these key factors driving the significant rise of SHIB.
Meme coin craze
Following yesterday's Bitcoin slash, curiosity about riskier bets on cryptocurrencies seems to have risen significantly. According to the latest 24-hour performance statistics, the meme coin ranks among the top 100 cryptocurrencies by market capitalization.
I, II and III.
In terms of growth, Bonk took the first place with a whopping 52% increase, followed by Dogecoin with a 33% increase and SHIB with a 25% increase. If this pattern continues, we may see another meme currency**.
This claim is further supported by crypto analyst Rekt Capital's sharing of data showing the overall market valuation of cryptocurrencies (excluding the top 10). His report, subtitled "ALTS Altcoin Market Cap Is on the Right Track," summarized the breakout of major resistance levels. Based on the current market value of about $272 billion**, the market target value is 315.5 million$700 million.
Whale movements
The crypto world is now excited about the massive market moves of whales in the meme coin space, especially Shiba Inu (SHIB) and Pepe (PEPE). LookonChain records the whales' social ** activity, and analysis of it reveals these transactions.
LookonChain reported that an anonymous investor sent a 197 trillion PEPE tokens, worth about $6.07 million. This change in strategy resulted in a profit of $3.49 million, demonstrating the investor's superior timing and ability to navigate the market. Subsequently, the whale turned its attention to Shiba Inu, and just a few hours later, took advantage of this lucrative conclusion by removing 75.9 billion SHIB tokens (worth $893,000) from Binance.
Set up the chart
Three weeks ago, SHIB showed a bullish pattern, suggesting that its market trajectory may be about to move upwards. This could be another effect. Since mid-December 2023, SHIB's ** move has been following a descending parallel channel.
On February 7, SHIB broke through the channel and continued to break through the 200-week**, then the 20-week and 50-week**; It was a turning point. This development has prepared the way for the current rally.
Notably, SHIB's value experienced a similar trend after breaking through the descending channel in October 2023, gaining about 80% in just 59 days. This breakout is noteworthy because it reflects this pattern.
If the SHIB market continues its historical performance, then 0786 Fibonacci retracement level (currently valued at 0.)00001525 dollars) could be the target. If this were to be achieved, it would be a significant increase of about 73%.
Partnerships and ecosystem development
Yesterday, the collaboration between the SHIB team and Zama, a leader in fully homomorphic encryption (FHE) technology, was revealed. The two organizations are working together to make the SHIB ecosystem more secure and private.
Thanks to Zama's knowledge of encryption and FHE, SHIB will be able to process data in encrypted conditions, protecting user privacy. This strategic partnership enhances the security of the ecosystem and highlights SHIB's dedication to innovation and the trust of users.