Shiba Inu (SHIB) has attracted investors’ attention after gaining more than 6% following the FOMC announcement. While on-chain data shows that supply on exchanges is decreasing and whale activity is increasing, technical analysis points to a potential breakout of SHIB towards the $0.000035 level.
As the cryptocurrency market fluctuates following the latest announcements from the US Federal Reserve (FOMC), Shiba Inu (SHIB) has attracted attention by increasing by over 6%. On-chain data and technical analysis are giving strong signals that SHIB may continue its uptrend.
According to Santiment data, the supply of SHIB on exchanges has decreased significantly. This indicates that investors are withdrawing their assets from exchanges and storing them for the long term, and the selling pressure has decreased. In addition, there has been a significant increase in whale movements recently, which supports the bullish trend.
The Shiba Inu price is currently trading at $0.00002315, up 3.0% in the last 24 hours. The lowest level during the day was recorded at $0.00002201, while the highest level was recorded at $0.00002386. SHIB’s total market value is $13.64 billion, while its diluted market value is $13.65 billion. The 24-hour trading volume is notable at $685.34 million, while the circulating supply is 589.25 trillion, and the total supply is 589.50 trillion. These data show that investors’ interest in Shiba Inu continues and that the perception of safe investment continues in parallel with the general rise of the market. In particular, the increase in trading volume and the size of the market value reveal that SHIB maintains its strong position in the crypto world.
Meme coin price charts show that the inverse head and shoulders formation is nearing completion. This technical structure suggests that SHIB could reach $0.000035 in the short term, then target $0.000045. In addition, the 10% increase in open interest in the futures market reinforces investors’ bullish expectations.