Shiba Inu Price Prediction as $150 Million Trading Volume Comes In – Are Whales Buying?
Despite a dull tone to trade in the broader crypto market as investors await key US jobs and PMI survey data set for release later in the week, leading meme coins are performing well.
Indeed, Shiba Inu (SHIB) is the only crypto in the top 20 in the green over the last 24 hours, as per CoinGecko, with the coin making the most of an influx of more than $150 million in trading volumes over the past 24 hours.
SHIB was last trading in the $0.00000850 area, around the mid-point of its $0.0000082-88 weekend range and up around 2.5% on the day.
Importantly, SHIB was able to break above the key support-turned-resistance area in the low $0.000008s this weekend, as well as to the north of its 100-Day Moving Average, hitting its highest level since early June in the process.
That confirms the meme coin’s near-term bullish trend given it had recently formed an ascending triangle, with near-term price predictions subsequently bullish as a result.
Buying from whales appears to be helping drive the positive price action.
As per a tweet from on-chain analytics firm Santiment, wallets holding between 10 million and 100 billion SHIB tokens have accumulated $8 million of the coin in the last eight weeks.
Clearly, whales were eager to buy last month’s dip to multi-year lows around $0.000006 and whale buying could yet propel the coin higher, should the trend continue.
With whale buying and a rally in other similar meme coins like Dogecoin taking hold, the near-term outlook for SHIB is looking good, with technical analysis further strengthening the bullish case.
If SHIB can convincingly clear its former resistance levels in the low $0.000008s, the door is open for a swift rally towards the late-May highs at $0.0000092 and then the March/April lows and
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