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Despite the sell-off, Shiba Inu records gains – who buys the cryptocurrency?

 


On Friday, Shiba Inu (SHIB) price surged despite the fact that the rest of the cryptocurrency market is suffering significant losses due to an ongoing unfavorable trend. Apparently, the price of the “dog coin” is up 3.74 percent in the last 24 hours and is currently trading at $0.00000010, leading the market in daily returns among the top 100 cryptocurrencies by market cap ( data from CoinMarketCap ).


The bears have successfully pushed the price of Bitcoin below the $20,000 level, dwindling hopes of a market rally in the coming weeks.


Shiba leads top cryptocurrencies

Based on CoinMarketCap data, the total cryptocurrency market cap is $864 billion after falling 4% in the previous 24 hours. Shiba Inu led the top cryptocurrencies with gains between 1% and 4% over the same period.


Although Shiba Inu has shown strength over the past few days, the coin is at risk of further losses. Even with the unveiling of ShibsSwap's Shib Inu Burn Portal Rewards, the technical setup suggests that price growth will deteriorate.


The SHIB burn portal was set up to provide “passive income” to SHIB token holders who burn their tokens. Profits will be distributed in the form of RYOHI tokens, with 0.49 percent of all transactions going to SHIB holders.


After the Shiba Inu Burn Portal was established, a SHIB “BURN Pool” was formed to incentivize meme coin burning.


Analysts see Shiba Inu in a bull run

Meanwhile, the SHIB weekly chart shows an increase of 4.15 percent compared to the previous week. Additionally, the meme cryptocurrency is currently one of the most popular coins on CoinMarketCap with a market cap of $5.44 billion.


In this regard, FXStreet analysts predict that the price of Shiba Inu will show a bullish bias. Shiba Inu price turned resistance at $0.0000095 into support and analysts expect the meme coin to scale the next resistance at $0.0000104, according to FXStreet .


After hitting its bottom on June 20th, SHIB price started a huge increase. However, the rally encountered obstacles, resulting in a relapse. After a brief period of consolidation, SHIB bulls seem poised for another rally.

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