Shiba Inu, one of the largest meme coins in the crypto ecosystem, seems to be gearing towards a price recovery, according to the latest on-chain devel
in the asset’s price in either direction. In Shiba Inu’s case, it is possible that the price reaction is to the upside as the meme coin has gained 5% from September 12, when it posted a three-month low of $0.00000695.
The meme coin’s price has been in a downward trend since August 12. At the time of writing, SHIB price is below its three long-term 10-day, 50-day and 200-day Exponential Moving Averages at $0.00000738, $0.00000795 and $0.00000890, respectively. Events like the relaunch of the Shibarium network after the botched first attempt and the mass burn of SHIB tokens have failed to catalyze a recovery in SHIB price. The spike in large transactions by whales could push the meme coin higher, supporting a decisive break out of the downward trend.Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money.
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