The market’s biggest coins take it easy on the first Saturday in February, but memecoin Shiba Inu goes through the roof. At the time of writing, the currency is up more than 12 percent for the past 24 hours. Time to dive in and find out where that increase comes from.
Technical analysis
We don’t have to look far for an explanation for the memecoin’s rise. Technical analyst Ali Martinez confirms in a tweet that there is a bullish pattern in the chart for Shiba Inu. Where the price is currently trading at $ 0.00001405, the analyst even expects a price of $ 0.000017 per Shiba Inu. That would mean an increase of more than 20 percent from the current point.
The special thing about Martinez’s analysis is that he saw it coming a few days ago. At the time, Shiba Inu had broken out of a so-called Bullish Pennant. A kind of triangle in the chart, where the price then breaks out at the top. Shortly after the breakout at $0.000012 per Shiba Inu, Martinez already predicted the price of $0.000017 per Shiba Inu.
Shiba Inu is trending
So it should come as no surprise that Shiba Inu is trending on Twitter after the outbreak. Everyone is talking about the project as it outclasses virtually all other coins in the market on Saturday. Incidentally, not everyone is convinced that the increase is purely the result of a bullish pattern in the chart.
Lucie, an influencer within the Shiba Inu community, has the impression that someone is currently investing heavily in the memecoin. It’s still strange to see how people, at least on Twitter, can give their entire lives for a project like Shiba Inu.
Meanwhile, Shibarium is also on its way, which is a kind of Layer 2 project for Shiba Inu. With Shibarium it will soon be possible to build decentralized applications based on Shiba Inu and, among other things, to issue non-fungible tokens (NFTs) on the platform.