Shiba Inu (SHIB) Makes Four Trillion Comeback in 24 Hours: What’s Happening?

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As a seasoned crypto investor with scars from the bear markets of yesteryears, I must admit that the recent surge in Shiba Inu (SHIB) transactions has piqued my interest. With over 4 trillion SHIB transacted in a single day, it’s hard not to notice the resurgence of this meme coin.

Yesterday, I witnessed an incredible resurgence of Shiba Inu as approximately four trillion SHIB were transacted. This surge can be largely attributed to significant whale-tier volume. Delving into recent on-chain data, it appears that the increased activity suggests a renewed interest from larger holders. Such a development could spark enthusiasm among investors and potentially elevate the price of SHIB.

Observing the on-chain data for various digital assets, we notice a substantial rise in both the volume and frequency of large transactions. This trend often indicates higher engagement from significant investors, also known as ‘whales’. Such increased activity among key players typically fosters more confidence, leading to either enhanced price stability or a surge in price movement upwards.

The growth of SHIB, from 895 billion on October 27 to 3.73 trillion on October 28, is a notable achievement and has once again caught the attention of investors who closely monitor whale activities. A closer look at the SHIB/USDT chart suggests that SHIB is striving to strengthen its position above significant moving averages.

Historically, when the 50-day Exponential Moving Average (EMA) aligns with the 100-day EMA, it could suggest potential breakout chances. This alignment could serve as a foundation where SHIB may experience support, especially given the increased whale activity that seems to be reinforcing these price levels. If SHIB can maintain this trading volume and motivate further price movements, it might be poised for significant growth.

Keep in mind, while increased activity from whales might stir up enthusiasm, it doesn’t necessarily guarantee a price increase. Previously, similar surges were seen, only to be followed by corrections when the momentum subsides or the whales decide to cash out their gains.

Currently, two key support levels are worth monitoring: $0.000017 and $0.0000165. Meanwhile, $0.0000182 serves as the resistance level. If SHIB manages to surpass these levels with continued whale support, it could signal a prolonged bullish trend.

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2024-10-29 12:13