Binance Launches a $100K SHIB Giveaway; Shiba Inu On Bullish Sentiment

  • The world’s leading exchange Binance introduced a campaign offering traders $100,000 in SHIB.
  • Whales still scoop the canine-themed token amid the latest price drops.
  • Experts trust SHIB might launch a comeback and accumulate bullish strength for breakouts.

Analysts have observed bullish signals in SHIB’s chart despite the latest retracement in the meme token. Binance, the world’s leading cryptocurrency exchange, introduced a campaign offering traders 4100K in SHIB, propelling the meme coin’s demand.

Analysts Trust SHIB Might Breakout Soon

Shiba Inu price printed a tripe bottom, a setup where buyers control price actions, translating to a bullish trajectory for the crypto. Shiba Inu lost 4% overnight, but analysts remain bullish, predicting recoveries for the altcoin.

Binance introduced a new $100,000 Shiba Inu giveaway campaign. Traders may claim the rewards on the platform. Enthusiasts trust the move would lead to increased SHIB adoption among Binance users. A surge in demand by traders may push SHIB’s prices up.

Though the recent retracement saw SHIB in plummets, ETH whales still accumulate the meme crypto. That means a bullish catalyst for the coin. SHIB is one of the leading non-Ether holdings by whale investors within the alt network.

Analyst evaluated price movements by Shiba Inu and noted that the ongoing cycle would secure support at $0.0000227. FXStreet analysts observed that the meme coin climbs in the technical triangle. They trust Shiba Inu might touch the $0.0000255 resistance, and buyers might book profits at this value level. Nevertheless, SHIB extending the relief rally will have the descending trend-line determining the token’s next moves.

Shiba Inu sees increased popularity globally. For instance, Turkey’s Economy Minister Mustafa Elitas recently discussed SHIB. The news appeared persuasive for the Shiba Inu army. That comes as trading activity in Lira pairs with Tether and Shiba Inu were over 5-times higher than BTC, as the Turkish lira saw massive devaluation last year and 2022.

Though Shiba Inu shows strength, the meme coin will likely mimic broad market bias. For now, the crypto space flashes bearish actions, the global market capitalization dropping by 5% overnight to $1.75 trillion at this publication.