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Shiba Inu (SHIB) Suddenly Rallies by 10%, Becomes One of Most Profitable Assets

Fri, 09/09/2022 - 12:02
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Arman Shirinyan
Memetokens are on rise once again following general recovery of cryptocurrency market
Shiba Inu (SHIB) Suddenly Rallies by 10%, Becomes One of Most Profitable Assets
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One of the most famous memetokens on the market has surprised investors with a strong 10% rally that pushed the value of it back to a price we have not seen for almost two weeks.

Prior to the sudden reversal, Shiba Inu dropped to the local trendline support and moved off of it for the last few days, worrying investors as the trading volume suggested that another spike in selling pressure would put SHIB at risk of a strong nosedive and greater losses.

Shiba Inu Chart
Source: TradingView

Thankfully, the most recent news around the Shiba Inu Metaverse pushed some inflows to the memetoken. Reportedly, a former Netflix entertainer has joined the Shiba Inu Metaverse team. The news could have been the main reason behind the rally we are seeing on Shiba Inu now.

Market and technical overview

A positive news background is always welcome for volatile assets like Shiba Inu, but it is most likely that the token's price performance is tied to market-related events rather than news about the Shib Metaverse.

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In the last 24 hours, the most volatile cryptocurrencies on the market saw significant inflows and short-term rallies that put them at the top of the profitability leaderboard. Shiba Inu was no exception.

The most likely reason behind the pump is the expected reaction of the European Central Bank to the rising inflation and a relatively calm speech delivered by the Fed's Powell. The market was reasonably oversold in the last few weeks, which is why the move we are seeing today could be nothing but bulls' answer to the most recent movements we saw on the crypto market previously.

At press time, Shiba Inu is changing hands at $0.000013.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.