The latest price of Shiba Inu stands at an impressive $0.000008, accompanied by a substantial 24-hour trading volume of $26 million.
Experiencing a nearly 4.50% surge in the past 24 hours, Shiba Inu has claimed the top spot as the best-performing coin in the market.
As the cryptocurrency gathers steam, there’s heightened interest among investors to discern whether prominent whales are making their entry into the market, which could potentially be driving the ongoing rally.
This Shiba Inu review delves into the latest happenings concerning SHIB and investigates the influence of whale activity on its price direction.
Shiba Inu Whales Make Significant Increase in Large Transactions, Reports Analytics Service
There has been a significant 197% increase in substantial transactions carried out by Shiba Inu whales over the past 24 hours.
These transactions, each exceeding $100,000, have been closely tracked by IntoTheBlock, a service specializing in on-chain analytics.
Based on their blockchain data, the previous day witnessed a hefty total of $12.54 million in such large-scale transactions, indicating a striking 197% rise.
The data derived from these significant transactions provides essential insights into the buying or selling tendencies of these influential market whales.
In the past week, there’s been an exceptional 326% increase in net flows from large-holders, signifying significant shifts in positions among whales and investors.
This rise in net flows could suggest that significant holders or whales are accumulating more.
The increased activity of Shiba Inu whales in conducting sizable transactions may indicate a bullish sentiment, potentially driving the cryptocurrency’s price upwards.
However, it’s important to recognize that other factors can also contribute to the price movement.
Shiba Inu Price Prediction
From a technical viewpoint, the Shiba Inu (SHIB) market is exhibiting bullish tendencies after it successfully breached the triple-top resistance level, which lies around $0.00000802.
This level also bolsters the Shiba Inu price, and is further fortified by the 50-day exponential moving average, as seen in the four-hour timeframe.
Additionally, if Shiba Inu manages to overcome the resistance level near $0.00000845, which is another triple top resistance, the next resistance zone is likely to be close to $0.00000890.
Conversely, if the price undergoes a bearish dip below the $0.00000802 level, the ensuing support level is expected to be around $0.00000779 or $0.000007644.
Promising Altcoins to Watch Closely
As you navigate the cryptocurrency market, it’s essential to keep track of the performance and growth trends of emerging altcoins that exhibit potential and promise. Stay alert and informed to uncover their fascinating opportunities.
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