Highlights
The cryptocurrency market resumes a bullish trajectory following the Bitcoin price, which is 5% up today. The aggressive volume in spot ETFs continues to fuel the underlying asset which is barely 4% below the All time high of $68,789. Amid this uptick, the Shiba Inu price jumped 47% to breach another key resistance of $0.00003 .
Also Read: Shiba Inu Price Hits 22-Month High Amid Key Onchain Activity, Will Rally Continue?
SHIB, the second largest memecoin has shown consistent growth for the past eight days, where price surged $0.00000946 to $0.0000377, registering over 250% growth. This recovery backed by increasing volume and remarkable growth in Future Open Interest reflects a sustainable growth and market interest for this asset.
Moreover, Rune Christensen, the founder of MakerDAO, has made significant purchases of the meme cryptocurrency SHIB, as spotted by the on-chain data tracker Spotonchain. On March 1st, Christensen invested 100K USDC to acquire 7.41 billion SHIB, just before the price of the token surged by approximately 60%.
A subsequent purchase of 17.629 billion SHIB with 400K USDC was made 12 hours ago, preceding a price increase of around 20%. These strategic investments by a prominent figure in the DeFi space have coincided with notable price movements in SHIB giving additional confirmation of prolonged recovery ahead.
Also Read: Shiba Inu Burn Rate Soars 30000%, Will SHIB Maintain Rally?
An analysis of the chart shows the Shiba Inu price is developing a bullish reversal pattern called rounding bottom. This U-shaped recovery hints the coin price is emerging from a long accumulation to enter a new recovery trend.
Currently trading at $0.00003, the SHIB price has recently remained at the $0.00003 psychological level. If the coin price manages to sustain above this flipped support, the buyers may drive a rally to $0.00004, followed by $0.000045.
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