Japanese dog-embossed crypto Shiba Inu (SHIB) just stormed back into the spotlight. Scottie Pippen, the Chicago-turned-Bitcoin bull, tagged the popular canine coin in one of his freshest posts. On X, the 6-times NBA champ declared that the “altcoin season is here”, asking his X audience to slide in recommendations of crypto projects to look into.
Pippen Tips Shiba Inu As Star Player In Alt Season
Intriguingly, the renowned Chicago & Bitcoin Bull tagged his favorite projects below the engaging message, which included a selection of meme coins. Namely, Shiba Inu coin (SHIB) & Dogecoin (DOGE) were included, as well as the cat-themed Mog Coin (MOG) & Mr. Pippen’s signature Game 5 Ball meme token.
Does that mean the NBA icon is joining the meme coin community, commonly referred to as SHIB Army? So far, there’s no actual evidence of Scottie Pippen owning any SHIB tokens, but the shoutout to Shiba Inu in a hand-picked list of promising altcoins feels like a good start.
Rebound Bull Run: How Far Can Shiba Inu Fetch?
The current Shiba Inu coin price movement falls into the consolidation area between $0.000015 to $0.000016, where a 70 trillion SHIB token volume is divided between 69K crypto wallet addresses. However, the big test lies ahead starting with the $0.000016 resistance bubble, as it holds the majority of Shiba Inu coins.
Indeed, the confluent resistance between $0.000016 & $0.000019 holds 461 trillion tokens, approximately half of Shiba Inu’s total supply. The sentiment surrounding whales in this range could turn out to be pivotal for the dog-embossed crypto’s short-term price projection.
To have a deeper understanding of the sustainability of SHIB’s latest bull run, DailyCoin dug into the technical charts with two key parameters. The 200-day Exponential Moving Average (EMA), used to smooth out trading volume tendencies, was paired with the Parabolic SAR.
The Parabolic Stop & Reverse (SAR) is deemed bullish when the blue dots are placed below the current price movements. In Shiba Inu’s case, these on-chain factors give out conflicting signals.
While Shiba Inu coin (SHIB) is priced slightly below the 200-EMA, portrayed in the blue line, the Parabolic SAR meter flashed a selling signal since Monday, when SHIB locked in a fresh three-month high at $0.00001731, according to the independent price aggregator CoinGecko.
On The Flipside
So far, there’s no evidence that the NBA legend Scottie Pippen holds any of the meme coins he’s tagged in the curious post on X.
Other key on-chain metrics for SHIB coin, such as large transfers & network growth have been quiet despite the 25% weekly bull run.
Why This Matters
Public praise from celebrities has proven to be beneficial for the communities behind the crypto, as seen in the success stories of Shiba Inu & Dogecoin.
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