Shiba Inu (SHIB) Price Jumps on Michael Saylor's BTC Buying Spree

When Michael Saylor recently cheered up the cryptocurrency market by announcing a $21 billion stock offering to allegedly buy more Bitcoin, many digital assets showed up with the color green in their quotes.

The price of Shiba Inu SHIBUSD rose on Monday morning, continuing the recent bullish activity in the cryptocurrency market. The meme coin was trading at around $0.000011 per token, which is up 3% over the past 24 hours.

What Happened: What's important is that the price of SHIB reversed from the downtrend right at the crucial support zone at around $0.000011 per meme coin. It will be interesting to see if the Shiba Inu token will finally turn around after three consecutive weeks of downtrend.

The new week started with a bang as the digital asset is showing signs of recovery. A big factor in the recent market downturn was the liquidation of a major Bitcoin BTCUSD price point, which pulled the whole market down with it.

However, it seems like the buying power is returning, especially with the news of Michael Saylor's company, MicroStrategy MBI planning a $21 billion stock offering to allegedly buy more Bitcoin.

The question of whether there is strategic news behind the recent bullish relief on the market, or SHIB is rebounding because the major support level was hit, remains open to speculation, but the reaction is there.

If the buying power holds, the price of the Shiba Inu token could go as high as $0.000017, which is the next major price point and the next strong resistance.

SHIB/USD Chart by Bitfinex

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The meme coin was also performing better than usual, at least for the time being. It appears that SHIB is outperforming Dogecoin DOGEUSD, the benchmark for meme coins. On Monday morning, SHIB rose by as much as 8%, which is slightly better than the gains seen in DOGE. It is notable considering how closely their price action tends to mirror each other.

Is this a short-term breakout? Perhaps. Is this a trend reversal? That is the bigger question. Market sentiment, liquidity and, of course, the unpredictable nature of meme coins will dictate what happens next. But with buyers stepping in at just the right time, things suddenly look a little more interesting for SHIB than they did a few days ago.