Shiba Inu has hit the spotlight once again after experiencing a weekend increase of roughly 30%. The meme currency gained roughly 27% yesterday (August 14) and SHIB remains positive at the moment, with great hopes that the bullish trend will last for a few days.
Former U.S. congressional candidate and founder of Gokhshtein Media David Gokhshtein believes the Shiba Inu still has potential for growth and said, “”Anyone watching SHIB right now. It looks like it’s fueling up for another leg.”
Shiba Inu just made a move that Gokhshtein predicted last week when he tweeted, “Shib also looks like it wants to rip,” along with the emoji “watch out.”
On August 14, Shiba Inu was the biggest gainer in the market, rising a staggering 35% from lows of $0.0000126. Shib showed a breakout above the high of $0.0000131 from July 20 to hit highs of $0.0000179 on August 15 before reversing course somewhat.
If the breakout signaled by a bullish inverted head and shoulders (H&S) pattern on its daily chart is verified, analysts think Shiba Inu may continue to outperform.
Do bulls hold a ‘little’ advantage in the situation?
Although the gain may stabilize before continuing, the daily RSI has declined from the overbought 80 level to levels well over 60, showing that the bulls still hold a little advantage. SHIB might revert to its earlier range, which had support close to $0.0000102, if the present slide continues.
According to data from IntoTheBlock, there were 463 significant transactions in the last day, a startling increase of 1,554 percent.
Typically, a large transaction is one that is over $100,000, and surges in these types of transactions are occasionally connected to an increase in the activity of whales that are either buying or selling.
Santiment, an on-chain analytics company, also pointed out: “Shiba Inu has been on the move this weekend, and is up +34% in the past 24 hours while #crypto has been fairly flat. Not so coincidentally, whales have been very active on $SHIB. There have been 433 transactions valued at $100k+, the most in 4 months.”
On the other hand, according to the Shibburn website, just 141 million SHIB were burned in the previous 24 hours, a 51% decrease in the burn rate in Shiba Inu.