Amidst the growing crypto market, Shiba Inu (SHIB) is seeing a significant increase in trading volume and whale movements. With SHIB’s market cap growing, significant whale transactions are adding upward pressure on the price. As the SHIB ecosystem grows stronger, the potential for further growth has piqued the curiosity of investors. Here is a look at the latest developments and outlook for SHIB.
SHIB whales are making their next move
According to recent data, the trading volume of SHIB whales has surged by 341% in the past 24 hours, with transactions over $100,000 making headlines. During this time, whales exchanged SHIB worth approximately $68.02 million through 170 transactions, marking one of the most active days in the meme coin market.
Such high activity from whales is a bullish indicator for SHIB, still a volatile meme coin but influential. These significant movements suggest that SHIB is gaining a stronger foothold among major players in the meme coin space, with whales transferring a total of 3.73 trillion SHIB on-chain. This level of activity may amplify buying pressure and increase SHIB's visibility in the ecosystem.
New features in the SHIB ecosystem
Beyond price action, SHIB's growing ecosystem continues to attract attention. Their Layer-2 solution, Shibarium, introduces innovative features such as an NFT bridge that allows SHIB users to trade their NFTs securely and efficiently. This bridge aims to bring SHIB closer to mainstream adoption, positioning it as a competitive Layer-2 solution against Ethereum. Furthermore, Shibarium provides a burn gateway for SHIB tokens, helping to reduce supply and maintain long-term value.
Technical outlook and key price levels
Technically, SHIB appears to be breaking out of a prolonged downtrend. Analysts speculate that if SHIB closes above the critical level of $0.000021, it could rise by 50%, reaching up to $0.000029. This price level serves as a major resistance point and a potential signal of upward momentum.
Additionally, SHIB trading above the 200-day EMA (Exponential Moving Average) further enhances positive sentiment among investors. The 200 EMA is an important indicator of trend direction, and maintaining this level could reinforce investor confidence, pushing SHIB's price higher.
Increased interest and trading volume in SHIB
In the past 24 hours, SHIB's trading volume has surged by 125%, indicating a significant increase in investor interest. This volume increase aligns with SHIB's recent climb to the 12th position among the most valuable cryptocurrencies, surpassing AVAX.
The increase in discussions related to SHIB on social media is another factor that could support its price by attracting new investors to the market. However, as we noted, meme coins are highly volatile assets, and investors should do their own research and always be aware of the risks.
