• Shiba Inu whales are exhibiting renewed activity, potentially signaling an upcoming price surge for SHIB.
  • SHIB’s price finally surpassed a key resistance level, hinting at a bullish trend.

Shiba Inu (SHIB) is experiencing a resurgence of interest from large investors, often referred to as “whales,” coinciding with the token’s price hovering near a critical breakout point. On-chain data reveals a significant increase in large transactions exceeding $100,000 for SHIB. This activity by whales is frequently viewed as a precursor to substantial market movements, often indicating their anticipation of a price rise.

According to IntoTheBlock, the volume of large SHIB transactions surged by 106.86% within the last 24 hours, translating to a staggering 3.22 trillion SHIB, or roughly $83.74 million. The data also indicates a 155% increase in inflows from large holders.

With whales strategically repositioning themselves and a notable rise in large transaction volume, the market is keenly observing their next move. This renewed whale activity coincides with SHIB’s price finally surpassing a resistance level that has been hindering its progress in recent days. This breakthrough paves the way for a potential price rally.

SHIB’s price experienced a significant boost during Monday’s trading session, mirroring a broader rise in the crypto market fueled by positive developments regarding the approval of US Ethereum spot ETFs. This positive sentiment reversed the more bearish outlook observed just a week prior. Consequently, Shiba Inu (SHIB) climbed from a low of $0.000023 to a high of $0.0000261. This surge propelled the token above the daily SMA 50, a technical indicator that had previously served as a barrier to SHIB’s price.

At the time of writing, SHIB stands at $0.00002546, reflecting a 6.48% increase over the past 24 hours and successfully trading above the crucial daily SMA 50 barrier.

The coming days and weeks will be crucial for SHIB as it teeters on the brink of a breakout. In the immediate term, a sustained climb above the daily SMA 50 might be necessary for SHIB to continue its upward trajectory.

By Joadin Maina

Beyond the hype, I untangle the web3 revolution, guiding curious minds through the labyrinth of decentralized possibilities.