Shiba Inu (SHIB), the second-largest meme cryptocurrency, is now in the crosshairs of whales and institutions as the price is consolidating, signaling a bullish trend. According to blockchain analysis firm IntoTheBlock, SHIB's large trading volume has increased by 98% in the past 24 hours, indicating significant participation from whales and institutions.
Whale activity: Large trading volume surged by 98%
This significant increase is a bullish sign for the asset and may support the upcoming price surge as it has the potential to attract investors and retail traders. Additionally, SHIB's foreign reserves have decreased significantly over the past 24 hours, further reinforcing SHIB's bullish outlook.
Whales withdrew 1.67 trillion tokens
According to blockchain analysis company Santiment, over 1.67 trillion SHIB worth nearly $41 million have been withdrawn from exchanges in the past 24 hours. Historically, the last time SHIB experienced a similar surge in outflows from exchanges, the meme coin recorded a price increase of nearly 62%.
However, this time investors and whales have shown strong participation, evident through trading volume, likely driven by expectations of SHIB's upcoming price surge, leading to the withdrawal of trillions of tokens.
Current price momentum
Although the on-chain metrics indicate bullish momentum, SHIB is currently struggling to gain traction. At the time of the press, the meme coin is trading near $0.000024 and has recorded a price decline of 3.25% in the past 24 hours.
During the same period, the trading volume of this stock decreased by 12.5%, indicating reduced participation from traders and investors as the price of FLOKI is in the process of consolidation.
Technical analysis of SHIB and upcoming levels
According to CoinPedia's technical analysis, SHIB is forming a descending triangle pattern on the four-hour timeframe and is currently on the verge of a breakout. Based on historical price momentum, if SHIB breaks this pattern and closes a four-hour candle above $0.000026, the original meme coin could increase by 13% to reach the next resistance level of $0.000030.
Furthermore, if SHIB breaks through this barrier, it is highly likely that the price will increase by an additional 25%, aiming for the $0.000038 mark as the second milestone. As of now, SHIB's technical indicators, including the Relative Strength Index (RSI) and the 200-day Exponential Moving Average (EMA), show bullish momentum and suggest further potential for a price surge in the coming days.
