Trader Captain Faibik foresees a major rally for the whimsical Shiba Inu (SHIB) meme coin. Captain Faibik, a prominent figure in the trading community, recently shared insights suggesting that SHIB could be gearing up for substantial gains. His analysis points to an ascending triangle pattern, a bullish formation characterized by higher lows.
Current Market Status
As of now, SHIB is trading at $0.0000305, marking a modest 24-hour increase of 1.3%. It currently holds the 13th position by market capitalization, with a total value of $17.9 billion, lagging behind its meme coin counterpart Dogecoin, which sits at 9th place. The coin’s 24-hour trading volume stands at $651 million.
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Moreover, data from IntoTheBlock indicates that a significant portion of addresses are holding SHIB at prices ranging from $0.000026 to $0.000035. Notably, 44.83% of these addresses are currently profitable.
Related article: Riding the Wave: Bullish Signals Propel SHIB Towards New Highs
Transaction Volume and Historical Performance
Over the past 24 hours, traders recorded a substantial transaction volume of 5.6 trillion SHIB tokens. Despite this recent activity, it’s essential to note that SHIB is still down more than 64% from its all-time high.
However, with technical indicators suggesting a bullish trend and a considerable investor interest, SHIB appears to be positioned for a notable price surge. Investors will likely monitor its performance closely in the coming days.