Shiba Inu has been propelling silent ultra-bullish moves in the markets. While its milestones have gone underreported, the meme coin has managed to put up a decent fight against the bears. SHIB significantly rallied over the weekend, hitting levels last seen four months ago.
SHIB breaks resistance
After falling from the $0.00002 level in May, SHIB consolidated below the $0.000013 critical resistance zone. Attempts at reaching the zone had been met with aggressive rejections. Consequently, SHIB had constantly traded below the level since May 11.
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The intensity of the bear market in mid-June mainly dealt a more significant blow to the value of Shiba. The asset got pushed below its $0.000010 support level on June 11, when the markets witnessed record declines. Shiba Inu traded below this support level till June 20.
The asset had, however, remained below $0.000013 until recently. SHIB staged a breakout from the resistance level on August 14 amidst the comeback from the crypto markets. Following the breakout, the asset surged further, reaching a 3-month high of $0.00001774.
Shiba Inu’s whale transaction count hits a 4-month high
Although the weekend rally has lost momentum, SHIB has remained above the $0.000015 resistance zone. At the time of reporting, the asset trades at $0.00001583, having gained by 6% in the past 24 hours. At this level, should the markets put up a replica of the recent comeback, SHIB could start gunning for the $0.000018 level.
 
 
Amidst this bullish performance, SHIB’s network activity witnessed a 4-month milestone over the weekend. The whale transaction count hit a value that the markets had not seen since April 12. The network recorded 433 transactions involving Shiba worth $100k on August 14.
Shiba’s recent movements show a promising future for the meme coin. In addition to its price movement and network activity, Shiba Inu’s market capitalisation swelled over the weekend. On August 14, the asset reclaimed a $9B valuation for the first time since May 9. Its valuation has dropped to $8.6B as its price slightly decreased. Despite this, the current valuation remains an improvement from the $6B cap the asset posted last week.
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