The world’s second most favourite memecoin, Shiba Inu (SHIB), is enjoying quite a rally and registering double-digit daily gains on the back of rising adoption and new partnerships announced during the previous session. At the time of writing, SHIB/USD is trading at around $0.000049.

SHIB Whales Get Busy

Many experts in the crypto space have repeatedly dismissed Shiba Inu as a joke-based cryptocurrency. Although it traces its origins to a meme, its community of developers has been busy coming up with new and exciting use cases and supporting its potential. The latest and most interesting announcement of Shiba Inu Games could potentially be the first step of the cryptocurrency’s entry into the exciting world of the metaverse.

The news is already enjoying positive traction among SHIB whales, according to an analysis by leading whale tracking platform WhaleStats. Following this announcement, the top ETH wallet holders holding SHIB have accumulated more than 42% more coins in the previous session. Increased buying activity among whales has been the key driver of the bullish action currently underway in the Shiba Inu coin.

Shiba Inu’s Adoption Rises

The SHIB token is also trading bullish after leading online retail giant Newegg announced that they will start accepting payments in the memecoin soon. Consumers worldwide will now be able to purchase electronic goods and office supplies on the Newegg online store using their holdings in SHIB, giving investors one more reason to buy into the cryptocurrency as a legitimate payment method online.

Even as the petition to get Shiba Inu listed on Robinhood fails to capture the leading fintech platform’s attention, another popular crypto exchange Kraken has confirmed that it will offer SHIB for trading starting today. Shiba Inu will officially get listed on Kraken about one month after it was officially announced; although, the exchange did face quite some flak from the community for taking its time in implementing this listing. Kraken users can start trading Shiba Inu with a minimum deposit of 373,000 SHIB against the USD and the EUR and a trading minimum of 50,000 SHIB.

SHIB/USD Technical Analysis

Dutch millionaire and former MP Zihni Özdil recently shared a bullish analysis on SHIB via Twitter based on the formation of a bull flag pattern in its price chart. According to him, the pattern indicates that Shiba Inu could soon experience an uptrend after undergoing consolidation for quite some time.

Technical analysis of the H4 chart reveals a strong bullish bias among moving averages as well as leading technical indicators MACD and momentum. However, the Stochastic is flashing sell signals as well at the moment.

Shiba Inu’s price has crossed the pivot point at $0.000040 and buyers have overcome the first resistance level at $0.000046 as well. It looks like SHIB is undergoing some consolidation under the psychological level of $0.000050 but with some more buying pressure, we could this level crack soon. Watch out for the second resistance at $0.000056 once this happens.