As a seasoned crypto investor with a penchant for dogs (and SHIBs), I find myself intrigued by the recent spike in large transaction volumes of Shiba Inu tokens. The whale activity is certainly grabbing my attention, but the modest price reaction has me scratching my furry friend’s belly in confusion.
The popular dog-related digital currency, Shiba Inu (SHIB), has experienced a surge in large transactions as approximately 6.47 trillion SHIB tokens, equivalent to around $123.18 million, were exchanged over the past day.
Based on data from IntoTheBlock, we’re seeing a significant surge of 150.47% in large transactions, suggesting that big Shiba Inu coin holders, or “whales,” are increasingly active.
Although there’s been an uptick in whale activity, Shiba Inu (SHIB) has shown only a modest price reaction so far. Currently, it’s trading at $0.0000193, marking a 1.60% increase over the last day. This slight upward trend seems to be a tentative response to the spike in large transactions. On a weekly basis, SHIB has experienced an 11% rise, mirroring the overall optimistic sentiment in the cryptocurrency market.
On Friday, Bitcoin (BTC) reached an all-time high of $77,000, igniting a surge across the cryptocurrency sector following the Federal Reserve’s decision to reduce interest rates.
For the past three consecutive days, starting from November 5th, Shiba Inu has experienced an upward surge. Now, investors are eagerly watching to see where the price of Shiba Inu will head next.
What’s next for Shiba Inu price?
On November 6th, the price of Shiba Inu nearly broke through the upper price barrier at $0.000020, yet the buying force failed to push it above this level.
A positive development is that the buyers haven’t yielded to the sellers, potentially boosting the likelihood of a price surge. If the price closes above $0.000020, it would complete a bullish inverted Head and Shoulders pattern, which could drive Shiba Inu up to around $0.000026 and then possibly to $0.000029.
Over the past three days, Shiba Inu has stabilized between approximately $0.00001832 and $0.00001977, having previously tried to surpass $0.00001987 on November 6th. Despite this, it continues to stay above its 50-day and 200-day moving averages, which stand at $0.00001766 and $0.00001829 respectively.
To potentially lessen the bullish trend, bears could aim to drive the Shiba Inu (SHIB) price down below its daily moving averages. This drop may lead SHIB to dip below $0.000016, an area that could entice buyers to step in and purchase, as predicted.
Excitingly, plans are underway for the Shiba Inu ecosystem to set up a Strategic Hub for Innovation and Blockchain (S.H.I.B.) in an American city. The aim is to make this location a world-class hub for blockchain technology and sustainable development.
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2024-11-09 19:38