1. Shiba Inu Decouples from Bitcoin with Notable Trading Surge
Shiba Inu (SHIB) has recently demonstrated a bold decoupling from Bitcoin, showing a substantial increase in trading volume and gaining nearly 30% in October, which has helped SHIB rally by 6.03% over the past week. This recent trend indicates that Shiba Inu is no longer as tightly correlated with Bitcoin’s price movements, and SHIB’s increased volume has injected optimism into the market, as many traders anticipate additional gains. This divergence from Bitcoin’s pace could signal a strong finish for the meme coin as it benefits from “Uptober” market enthusiasm, where several cryptocurrencies have historically seen positive performance through October (EconoTimes).
2. SHIB Community Engagement Grows with New Airdrop and IIFA Partnership
On October 21, Shiba Inu announced an airdrop campaign in collaboration with Philtoken, aiming to distribute 10 million PHIL tokens to eligible SHIB holders who meet specific criteria, such as holding tokens in self-custody wallets like Trust Wallet or MetaMask. This airdrop intends to engage the SHIB community and reward long-term holders, enhancing ecosystem loyalty. Additionally, Shiba Inu’s partnership with the International Indian Film Academy (IIFA) has captured attention. This multi-year collaboration will integrate SHIB into the IIFA’s ticketing and event management infrastructure, offering new use cases for SHIB and expanding its reach to global audiences, especially within the Indian market, where there’s already significant interest in the token (Crypto News Flash),(Shib Daily).
3. Technical Analysis: Wedge Pattern and Support Levels Suggest a Potential Bullish Breakout
In the last 12 hours, SHIB has shown a rebound, trading around $0.000018 after recovering from a 12% dip earlier this week. SHIB’s recent performance has formed a wedge pattern, a technical formation that could signal a breakout. Support at $0.000016 has proven resilient, while resistance is currently near $0.0000185. Analysts are closely monitoring a potential “golden cross” setup in the moving averages, which could drive SHIB’s price higher if bullish momentum continues. While whales trimmed their holdings recently, indicating some sell pressure, retail and investor balances saw slight growth, which has helped maintain a stable price floor (AMBCrypto),(Cryptonews).
Conclusion: SHIB’s Path Forward
Shiba Inu’s growing independence from Bitcoin’s price influence, along with strategic partnerships and an engaged community, may create a solid foundation for future growth. With technical indicators suggesting a possible breakout and key support levels holding, SHIB could be positioned for further gains in the final quarter of 2024.
