Shiba Inu rallied 50% almost ten days after SHIB was added to Binance Card. According to US politician David Gokhshtein, this rally could be just the beginning for SHIB…
Shiba Inu (SHIB) is just getting started, according to David Gokhshtein
Former US congressional candidate David Gokhshtein reiterated that the Shiba Inu still has growth potential. The Shiba supporter made the following statements in a recent tweet:
Anyone watching SHIB right now. Looks like he’s refueling for the upcoming rally.
The Shiba Inu price made the moves in Gokhshtein’s tweet last week. cryptocoin.com we have quoted the “sounding” SHIB predictions of the US politician in those days. Later, on August 14, the Shiba Inu became the biggest gainer in the market with an astonishing 35% increase from $0.0000126. SHIB rallied above $0.0000131 from July 20 before reversing course. Then, it hit the highs of $0.0000179 on August 15.
A notable technical pattern is developing on the SHIB chart
If the break indicated by the inverted head and shoulders pattern on the daily chart is confirmed, analysts say the Shiba Inu will continue to rally. The uptrend sometimes starts with an upside down or inverted head and shoulders pattern. Meanwhile, it is still unclear how Shiba will act due to macroeconomic concerns in the Bitcoin market.
While gains stabilized before resuming, the daily RSI dropped well above 60 from the overbought 80 level. This suggests that the bulls still have some advantage. If SHIB continues its current move, it will revert to its previous range with support near $0.000102. The Shiba Inu is currently holding a marginal drop to $0.0000155 as investors continue to take profits. However, it should be noted that despite this, it has kept its earnings around 4% for the last 24 hours. On-chain data shows that this power is exclusive to Shiba.
On-chain data reveals explosive power for Shiba Inu
According to data from IntoTheBlock, 463 significant transactions took place in the past day. SHIB saw a staggering 1.554% increase in transactions. Typically, large transactions are those over $100,000. Sudden spikes in such transactions are sometimes linked to an increase in the activity of buying or selling whales.
On-chain analytics firm Santiment also stated:
While the market was relatively flat the previous day, the Shiba Inu is up 34%. This is no coincidence. There were 433 sales totaling $100,000 or more, which is a 4-month high.
On the other hand, according to the Shibburn website that tracks the burning tokens, only 141 million SHIB were sent to the dead wallet during this time. Meanwhile, the token burn rate was down around 51% compared to the previous day.
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