Shiba Inu Surges 9.5% as Whale Makes Big Splash Back Into SHIB
Mustafa Mulla5 Jun 20242 min read
Shiba Inu (SHIB), one of the most popular memecoins in the cryptocurrency industry, has seen significant gains recently. Riding the memecoin craze, SHIB is climbing again, currently trading at $0.00002616—a 9.53% increase in the last 24 hours—much to the delight of its investors.
Here’s all you need to know to make your next moves.
A Whale’s Return: Big Buy Alert
According to LookonChain, a major blockchain analytics platform, a crypto whale who previously made huge profits from Shiba Inu (SHIB) is accumulating SHIB again. This smart trader initially invested around $400,000 to buy 5.5 trillion SHIB tokens early in SHIB’s history.
During two market peaks, he sold these holdings for about $121 million, securing an impressive profit of more than $120 million.
Market Impact
Such big buying activity often attracts attention within the crypto community, as it can indicate potential future movements in the token’s price. Given this investor’s successful history with SHIB, his recent purchases are seen as a bullish sign for the token’s future.
In the past six hours, this investor has spent 4,849 ETH, equivalent to $18.44 million, to acquire 715.9 billion SHIB tokens. This massive purchase shows the investor’s continued confidence in SHIB, even after previously making huge profits from the token.
Shiba Inu Price Analysis
SHIB has crossed the 50-day Exponential Moving Average (EMA) at $0.000025, which is a positive sign. However, to keep this uptrend, SHIB needs to turn the $0.00003 level from resistance into support. If it doesn’t, the price might fall below the 50-day EMA again.
Reaching $0.00003 won’t be easy. Data shows many sell orders at this level, with 124,220 addresses holding 92.2 trillion SHIB tokens bought between $0.000025 and $0.00003.
Currently, Shiba Inu (SHIB) is up by 9.53% at $0.00002616, with a market cap exceeding $15.4 billion. Daily trading volumes have increased by 16%, surpassing $763 million. This rise is partly due to an increase in the SHIB burn rate, which could further push the price higher.
Also Check Out: Ripple vs SEC Lawsuit Update: XRP Lawsuit Nears Final Stages Amid New Legal Motions
Is this the start of another SHIB rally? Stay tuned to find out!
