Shiba Inu [$SHIB
], the world’s second-largest crypto meme coin, is poised for a bull run after consolidating for nearly 10 days. Whales and institutions have reportedly acquired a significant 1.67 trillion #SHIB، tokens from exchanges, as reported by a prominent crypto expert.
Crypto whales grab 1.67 trillion SHIB tokens
Additionally, the expert highlighted a significant spike in exchange outflows observed on 7th November, which led to a massive 62% surge in SHIB’s price. This time, however, the experts and crypto enthusiasts are expecting a similar upside momentum for the meme coin.
Besides this massive acquisition, whales and investors appear to be increasingly active with SHIB, leading to a significant 98% rise in large transaction volume, according to the on-chain analytics firm IntoTheBlock.
The combination of these substantial acquisitions and the surge in large transaction volume indicates a strong buying opportunity and suggests bullish momentum.
SHIB technical analysis and key levels
According to expert #TechnicalAnalysis , SHIB was experiencing a breakout from a bullish descending triangle on the four-hour timeframe at press time.
Based on the current price action, if SHIB successfully breaks out and closes a four-hour candle above the $0.000025 level, there is a strong possibility that the meme coin could soar by 45% to reach the $0.0000365 level in the coming days.
Additionally, SHIB is currently trading above the 200 Exponential Moving Average (EMA) on both the four-hour and daily timeframes, signaling an uptrend. Meanwhile, its Relative Strength Index (RSI) indicates potential upside momentum in the coming days.
