Shiba Inu price has given a strong breakout above the 50-day EMA, however, for the rally to continue, the meme coin must move above $0.00003.
Shiba Inu (SHIB) has also joined other altcoins in the recent run-up in the broader cryptocurrency market. As a result, the price of SHIB has increased by 10% in the last 24 hours, as an early Shiba Inu wheel reawakens after nearly three years of inactivity, buying 323 billion SHIB coins within hours.
Shiba Inu (SHIB) Whale Collection
Blockchain surveillance platform Spot On Chain highlighted the recent activities of a key whale. This whale address originally received 167 billion SHIB in April 2021, eight months after the launch of Shiba Inu, from one of the earliest whales to communicate with SHIB.
At the time of Spot On Chain’s report, Whale had acquired 149.3 billion SHIB using approximately 1,000 wrapped Ethereum (WETH) worth $3.83 million. After the report, Whale continued to buy, acquiring an additional 173 billion SHIB.
By the end of these transactions, Whale had exchanged 2,188 WETH for 323 billion Shiba Inu tokens worth $8.29 million within three hours. As of the latest update, Whale has not sold or distributed any of these tokens, maintaining a balance of 323 billion SHIB.
SHIB price crosses key resistance.
As of press time, Shiba Inu (SHIB) is trading up 9.53% at $0.00002616 with a market cap of over $15.4 billion. In addition, the daily trading volume has increased by 16 percent to exceed $763 million. Another major catalyst is an increase in the Shiba Inu (SHIB) burn rate that could push the price even further.
More importantly, Shiba Inu (SHIB) price has crossed the 50-day EMA at $0.000025. However, this does not guarantee the trend yet.
SHIB needs to change the $0.00003 price level from resistance to support to maintain its uptrend. Failure to do so may result in a fall below the 50-day EMA.