Smart Shiba Inu Whale Returns: Is a Bull Run on the Horizon?

  • Shiba Inu, one of the most popular meme coins in the crypto space, has shown a significant uptrend recently.
  • Large-scale investors, commonly referred to as “whales,” appear to be driving this upward momentum.
  • On-chain analytics platform LookonChain reported that a major Shiba Inu whale has made substantial purchases.

Discover the latest trends in Shiba Inu as it experiences a significant surge driven by whale activity. Could this mark the beginning of a new bullish phase?

Major Whale Activity Fuels Shiba Inu’s Upward Trend

Recently, Shiba Inu has caught the attention of investors and traders, once more sparking interest in meme coins. According to LookonChain, a well-known on-chain analytics platform, a cryptocurrency whale, who previously made significant gains from Shiba Inu, has resumed accumulating SHIB tokens. Historically, this trader invested approximately $400,000 in acquiring 5.5 trillion SHIB early on and sold them during two market peaks, garnering around $121 million in profits.

Remarkable Purchases Indicate Possible Future Price Movements

The recent substantial purchases by this whale underscore potential future price movements of SHIB, drawing significant attention from the crypto community. According to analysts, given this investor’s successful track record with SHIB, the recent acquisitions are perceived as a bullish indicator for the token’s future trajectory.

Analysts Predict a Major Bull Run for SHIB

Crypto analyst Tomiwabold Olajide has evaluated the technical setup for Shiba Inu, noting a surprising rebound. SHIB crossed above the 50-day Simple Moving Average (SMA) at $0.0000245, accompanied by a notable 10% price surge. This SMA value had acted as a resistance level since mid-April, preventing SHIB from breaking through. However, in late May, SHIB temporarily surpassed this barrier, reaching $0.0000294 on May 29.

The Impact of Resistance and Support Levels on SHIB

Following this peak, SHIB encountered resistance and saw a decline as profit-taking ensued. This drop led to SHIB falling below the daily SMA 50 after four consecutive days of losses, hitting $0.00002284 on June 4. Nevertheless, the token quickly rebounded from this low, moving back above the daily SMA 50 in today’s trading session. This sharp recovery above this critical threshold suggests a potential trend reversal, with SHIB establishing new support levels beyond the daily SMA 50.

[Continue with additional sub-headings (h2, h3, etc.) and corresponding paragraphs as necessary.]

Conclusion

In summary, the re-emergence of whale activity in Shiba Inu points to a potentially bullish outlook for the token. The recent technical developments and significant purchases by influential investors suggest that SHIB might be on the brink of another major upswing. As the crypto community closely monitors these developments, maintaining strong positions above critical resistance levels could pave the way for further gains and possibly a new bullish phase for Shiba Inu.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.
spot_imgspot_imgspot_imgspot_img

Latest News

Tether’s Daily Trading Volume on Tron Surpasses Visa with $53 Billion Milestone

Latest reports show that the daily trading...

Ripple’s XRP Expands Global Reach: Thailand and BRICS Eye Adoption

The adoption of Ripple's XRP...

Tomorrow is Crucial for Bitcoin and 12 Altcoins: Key Highlights and Events!

Bitcoin and the altcoin markets are gearing...

Bitcoin’s Potential Price Surge Backed by Key Indicators: STH-SOPR and Stock to Flow Ratio

The current indicators suggest that Bitcoin might...
spot_imgspot_imgspot_imgspot_img

PRO Analysis

Current Bitcoin Market Analysis: Key Insights on BTC Investor Trends and Miner Sales

Bitcoin continues to hover below the $66,000...

Ethereum’s (ETH) MVRV Surge Signals Potential Altcoin Market Rally: CryptoQuant Analysis

The Ethereum (ETH) on-chain metric points to...

Comprehensive Guide to MDX Coin: Features, Usage, and Price Analysis

MDEX platform operates across various blockchain networks...
Crypto Vira
Crypto Virahttps://coinotag.com/
Alican is a young and dynamic individual at the age of 23, with a deep interest in space exploration, Elon Musk, and following in the footsteps of Atatürk. Alican is an expert in cryptocurrency, price action, and technical analysis. He has a passion for sharing his knowledge and experience through writing and aims to make a positive impact in the world of finance.
spot_imgspot_imgspot_imgspot_img

Tether’s Daily Trading Volume on Tron Surpasses Visa with $53 Billion Milestone

Latest reports show that the daily trading volume of the stablecoin Tether (USDT) on the Tron (TRX) blockchain has outpaced that of...

Ripple’s XRP Expands Global Reach: Thailand and BRICS Eye Adoption

The adoption of Ripple's XRP by various nations is gaining momentum, particularly with recent interest from Thailand. ...

Advanced Security Measures Introduced by EigenLayer to Enhance Ethereum Mainnet with EigenDA

EigenLayer is implementing new security measures to counteract sybil and distributed denial-of-service (DDoS) attacks for its EigenDA data availability service...