Shiba Inu (SHIB) Whales Show Signs of Increased Activity

Shiba Inu Whales Fuel 4,320% Surge: Is a Breakout Imminent?

Shiba Inu (SHIB) whales are stirring, just as the token’s price is on the verge of a significant breakout. On-chain data reveals a surge in large transactions, which are those exceeding $100,000. These significant movements of SHIB often precede major market shifts, indicating that whales are likely buying in anticipation of a positive market trend. 

Notably, IntoTheBlock data highlights a 106.86% increase in large transaction volume for Shiba Inu over the last 24 hours. This translates to 3.22 trillion SHIB, equivalent to $83.74 million. Furthermore, large-holder inflows have risen by 155%.

SHIB/USD Source: CoinMarketCap

Indications Of Imminent Price Increase

With whales repositioning themselves and the notable rise in large transaction volumes, the market is keenly observing these developments. The resurgence of whale activity often signals a potential price increase, as these large holders typically move in anticipation of favorable market conditions. 

Related article: Shiba Inu Trading Launches on Backpack Exchange

Amid this heightened activity, SHIB’s price broke through a recent barrier, setting the stage for a potential rally. After several days of trying to surpass the daily SMA 50 at $0.0000247, Shiba Inu had its breakout on May 20. On that day, SHIB saw a significant rise during Monday’s trading as optimism grew over progress toward the approval of U.S. Ethereum spot ETFs.

Related article: Shiba Inu Targets $0.0001553: Analyst Forecasts Major Upswing

This positive sentiment marked a reversal from the more pessimistic outlook of the previous week. Consequently, SHIB’s price jumped from a low of $0.000023 to a high of $0.0000261. This move enabled it to surpass the daily SMA 50, which had previously impeded price growth.

Current Market Performance

At the time of writing, SHIB has increased by 6.48% in the last 24 hours, reaching $0.00002546 and trading above the critical daily SMA 50 barrier. As SHIB hovers on the brink of a breakout, the upcoming days and weeks will be crucial. In the immediate term, a sustained break above the daily SMA 50 is essential for Shiba Inu’s price to maintain its upward trajectory. The awakening of SHIB whales, coupled with the increased transaction volumes, suggests a potential rally. 

Observers are now watching closely, as the sustained activity of these large holders could drive further price increases, making the near-term performance of SHIB critical for its future prospects.

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Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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