The Shiba Inu ($SHIB) price is up 5% in the past week, breaking through the minor resistance zone around $0.0000081.
Meme coin enthusiasts are buzzing about $SHIB’s recent uptick – but it’s not the only canine-themed token showing bullish momentum.
Shibie Coin ($SHIBIE) has also been gaining traction in the market, with the project’s recently-launched presale nearing the $50,000 funding milestone in just 24 hours.
Shiba Inu Pushes Higher as Bulls Target Key Resistance Level
At the time of writing, the $SHIB price is hovering around $0.0000081, following a continuation of its bullish momentum over the past week.
Since $SHIB’s uptrend began in early June, the token’s value has increased by around 50%, pushing price through the 20-day and 50-day Exponential Moving Averages (EMAs) on the daily chart.
$SHIB has also created strong price action, evidenced by the clear higher highs and higher lows on the 4-hour time frame.
Price now looks like it might be heading to the resistance level just above $0.0000091, which was aggressively rejected on May 23 – leading to a drop of 40% in the weeks that followed.
There’s a growing belief that this level could be bypassed, given that CoinGecko sentiment analysis reveals more than 79% of users are “feeling good” about Shiba Inu’s prospects.
Birthday Celebrations & Exchange Outflows Signal Growing $SHIB Optimism
The recent surge in Shiba Inu’s price is down to several factors that are contributing to the enthusiastic outlook of the token’s community.
Firstly, the celebration of Shiba Inu’s third birthday has been a rallying point for its followers, fostering a sense of unity and engagement.
The official Shiba Inu Twitter account posted a celebratory tweet on Tuesday, which received over 341,000 impressions.
Secondly, the notable outflows of $SHIB tokens from major exchanges have also influenced the recent price growth.
Crypto analyst Ali tweeted a price chart from July showing that large holders were withdrawing their tokens to external wallets – hinting that they might be looking to hold onto them long-term.
If this proves to be accurate, the selling pressure on $SHIB would naturally decrease, giving bulls the upper hand.
These two factors, combined with the upcoming release of Shibarium, have fostered growing enthusiasm around the Shiba Inu ecosystem.
Shiba Inu Spin-off Shibie Coin Fuses Meme Design with Barbie Buzz to Gain Traction in Presale
Another coin that’s been gaining traction is Shibie Coin ($SHIBIE), which shows similarities to Shiba Inu in its community-driven approach and meme-style design.
Shibie is capturing the attention thanks to its fusion of Shiba Inu’s charm and the iconic style of Barbie.
Launched on the Ethereum network, this token is all about embracing humor and the unpredictable nature of crypto trading.
The hype around $SHIBIE is growing, particularly since the project’s presale has shown impressive early momentum.
Within 24 hours of launching, the presale has raised over $35,000 and is trending toward the $50,000 funding milestone.
This early growth is a testament to Shibie Coin’s community-centric approach and appealing tokenomics setup.
As noted in the Shibie Coin whitepaper, 60% of the total $SHIBIE supply will be reserved for presale buyers, with 20% allocated to provide DEX liquidity.
This latter allocation could prove valuable because it will help smooth the $SHIBIE trading environment, allowing traders to benefit from reduced price slippage.
$SHIBIE has also received a boost from the recent release of the Barbie movie, which made headlines worldwide.
The timing of Shibie Coin’s presale, which coincided with the launch of the Barbie movie, has helped amplify excitement and interest around the token.
With the Shibie Coin Twitter account seeing robust growth and the meme coin space continuing to thrive, many early investors believe that $SHIBIE has the potential to make waves in the market this year.