Shiba Inu Price Prediction as $250 Million Trading Volume Floods In – Are Whales Buying?
The Shiba Inu price has surged by 6% in the past 24 hours, rising to $0.00001045 as Bitcoin ETF-related optimism pushes the crypto market as a whole towards a 5% gain today.
SHIB has now risen by 8.5% in a week and by 22% in the last 30 days, with the famous meme token also posting a 29% increase since the start of the year.
Also bullish is the coin’s trading volume, which at $250 million is much higher than it was a month ago, when levels just scraped $100 million.
This could mean that whales are returning to the token in a big way, with more gains in store in the next few weeks.
SHIB’s chart seems to suggest that the coin is in a position where it could rally significantly in the near term.
For one, the token’s 30-day average (yellow) is once again rising strongly above its 200-day average (blue), a move which often indicates that a given asset is in the midst of an expansionary phase.
Secondly, SHIB’s RSI (purple) recently halted a drop from 70 and is now rising modestly again, potentially as a prelude to a more significant climb.
This view receives support from the coin’s trading volume, which is up by roughly 92% in a month and by 230% in 90 days.
It’s therefore clear that the market is rediscovering its interest in SHIB, with transfer data showing the Tron’s Justin Sun withdrew around $5 million in the meme token yesterday.
Justin Sun withdrew 500B $SHIB($5M) from #Binance 10 mins ago.https://t.co/Q0b1cxVVsThttps://t.co/czbi7tqz1X pic.twitter.com/TlEwTNTRoP
— Lookonchain (@lookonchain) December 18, 2023
This highlights how SHIB may be becoming a popular vehicle among larger traders once again, although data has long suggested it has been one of the most widely held ERC-20 tokens among whales for quite some time.
Either way,
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