Shiba Inu (SHIB) Price Surges 10% on Strong Whale Buying, What's Next?
Shiba Inu (SHIB) Whales Gather
Blockchain monitoring platform Spot on Chain highlights the recent activity of a significant whale. This whale address initially acquired 167 billion SHIB from one of the earliest whales to interact with SHIB in April 2021 (8 months after Shiba Inu was launched).
At the time of Spot on Chain's report, the whale had acquired 149.3 billion SHIB using about 1,000 wrapped Ethereum (WETH) (worth $3.83 million). After the report was released, the whale continued to buy and acquired another 173 billion SHIB.
SHIB Price Breaks Key Resistance Level
At press time, the price of Shiba Inu (SHIB) is up 9.53% to $0.00002616, with a market cap of over $15.4 billion. In addition, daily trading volume surged 16% to over $763 million. Another major catalyst is the surge in Shiba Inu (SHIB) burn rate, which could push prices further up.
Want to know more about the relevant knowledge and first-hand cutting-edge information in the currency circle, your twenty-four-hour wealth appreciation expert, free guidance homepage introduction
More importantly, the price of Shiba Inu (SHIB) has broken through the 50-day EMA of $0.000025. However, this does not guarantee the current upward trend. SHIB needs to turn the $0.00003 price level from resistance to support to maintain its upward trend. Failure to do so could result in a break below the 50-day EMA.
However, reclaiming $0.00003 will be a challenge. Data from IntoTheBlock shows that there is a significant sell barrier at this level, with 124,220 addresses holding 92.2 trillion SHIB tokens, buying at prices between $0.000025 and $0.00003.
When SHIB approaches this price, these holders tend to sell at breakeven, increasing selling pressure and hindering a breakout. For Shiba Inu to successfully break out above $0.00003, accumulation must re-emerge to offset this selling pressure.
