In an intriguing turn of events for the meme token market, Shiba Inu (SHIB) has carved out a bullish path with the completion of an inverse head-and-shoulders (H&S) pattern, marking a shift in market sentiment. The token surged 5.2% over the past day, rising from $0.00001136 to $0.00001195, buoyed by significant volume spikes. Meanwhile, BONK, a memecoin on the Solana blockchain, has also caught the market’s eye, soaring 23% amid ETF speculation and nearing a one-million holder milestone.
Shiba Inu’s Bullish Breakout
Shiba Inu’s recent price action underscores the power of technical patterns in cryptocurrency trading. An inverse head-and-shoulders formation, typically signaling a reversal of bearish trends, has now played out on SHIB’s hourly chart. This pattern, emerging after a period of selling pressure, comprises three troughs, with the central one lower than its counterparts—painting a picture of potential upward momentum.
As noted by CoinDesk’s AI research, SHIB’s technical indicators suggest continued bullish strength, maintaining prices above newly established support levels. During the 24-hour window from July 2 to July 3, SHIB demonstrated remarkable resilience, posting a gain of 5.65% and a price range of $0.00000081. Notably, a volume spike at 16:00 on July 2—clocking in at 1.68 billion—established a high-volume support level at $0.00001162. The European trading session, in particular, saw strong buyer interest, a sign of robust investor confidence. This mirrors the recent performance of other meme coins, as detailed in BNB Meme Coin Outperforms Top Tokens With 23% Rise.
BONK’s Meteoric Rise Amid ETF Buzz
While Shiba Inu solidified its bullish stance, BONK stole the spotlight as the best-performing top 100 cryptocurrency by market value over the past day. The token’s impressive 23% rally, reaching $0.00001665, coincided with whispers of Tuttle Capital’s proposed 2x Long BONK ETF making procedural strides. This ETF chatter has fueled investor optimism, pushing BONK to the brink of a one-million holder milestone.
According to CoinDesk’s AI analysis, BONK’s price action featured three distinct waves, reflecting aggressive buying between 23:00 and 01:00, with volume peaking at nearly 3 trillion units. A high-volume support zone emerged around $0.0000161, providing a solid foundation for the token’s upward trajectory. Interestingly, BONK’s hourly price chart mirrors SHIB’s with a similar inverse head-and-shoulders pattern—hinting at a broader bullish sentiment within the memecoin space. This trend is reminiscent of recent movements in other cryptocurrencies, such as Bitcoin Cash’s Surge and Bullish Golden Cross.
Market Implications and Future Prospects
The recent activity in SHIB and BONK highlights the dynamic and unpredictable nature of the cryptocurrency market. As SHIB establishes a new resistance zone above $0.0000120, traders are keenly watching for sustained momentum. On the other hand, BONK’s rally, bolstered by ETF speculation, raises questions about the potential for similar financial products to influence token valuations.
While both tokens have demonstrated remarkable resilience, the path forward is fraught with uncertainties. The volatile nature of memecoins, coupled with broader market conditions, could quickly shift sentiment. As such, investors and analysts alike remain vigilant, watching for signs of sustained growth or potential pullbacks.
In conclusion, as the crypto world continues to evolve, the stories of SHIB and BONK serve as a testament to the ever-changing landscape of digital assets. Whether these trends can maintain their momentum in the coming months remains to be seen, but for now, the market watches closely, with both anticipation and caution.
Source
This article is based on: Shiba Inu Chalks Out Bullish Inverse H&S as BONK Cheers ETF Speculation, 1M Holder Milestone
Further Reading
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
