As a seasoned crypto investor with a knack for spotting trends and a soft spot for quirky meme-based assets, I find myself intrigued by the recent surge of Shiba Inu (SHIB). The 7% price increase within 24 hours, coupled with a substantial jump in large transaction volume, is a telltale sign that whales are making moves.
In simpler terms, the digital currency based on Shiba Inu dogs, known as SHIB, has witnessed a substantial growth, rising up to 7% over the past day.
This spike occurs at the same time as an increase in high-value transactions, suggesting that the total value traded by major investors (whales) on a particular day has gone up. High transaction volumes frequently signal that these large investors are making substantial moves. An uptrend in this measure implies increased whale activity, either buying or selling.
Based on data from IntoTheBlock, it was observed that Shiba Inu’s large transaction volume amounted to approximately 3.78 trillion SHIB, which is equivalent to around $66.61 million in U.S. dollars. This represents a significant surge of 46.79% over the past 24 hours.
The rise in Shiba Inu’s price was mirrored by a broader market rebound, since the Shiba Inu meme garnered more attention during that particular week.
Actor Christopher Lloyd, famously known for his role in “Back to the Future,” has come together once more with the DeLorean Motor Company, creators of the movie’s legendary vehicle, as part of their latest Time Capsule series of digital collectibles.
Allan Ungar’s trailer for the Time Capsule project showcases Lloyd in an homage to his “Back to the Future” persona, Doc Emmett Brown. It also includes various references (easter eggs), a DeLorean vehicle, a character dressed in hazmat gear, and in tribute to Web3 technology, a Shiba Inu dog is featured.
As a crypto enthusiast, I was thrilled when the official SHIB X Twitter account shared news about American automobile manufacturer DeLorean expressing interest in our favorite token. It’s exciting to see such mainstream companies acknowledging and potentially supporting cryptocurrencies!
Elon Musk’s Tesla’s Cybercab also featured a Shiba Inu dog at its unveiling this week.
Shiba Inu price jumps 7%
After four straight days of decreases, the price of Shiba Inu dropped to a record low of $0.000016 on October 10th. However, this dip was followed by purchasing activity. Since October 11th, Shiba Inu has been regaining its momentum, suggesting that investors are still eager for higher prices.
Currently, Shiba Inu (SHIB) has increased by 3.21% over the past day to reach $0.00001794. If buyers manage to push the price beyond $0.000019, SHIB could potentially rise to $0.000022. This level might act as a notable resistance again, but if bulls are successful, the upward trend could extend to $0.000026.
If bears aim to reverse the rising trend, they need to push SHIB‘s price down below $0.000016. This could potentially initiate a drop towards the 50-day Simple Moving Average (SMA) at approximately $0.000015, and then possibly even down to the significant support level of $0.000012.
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2024-10-12 17:52