Shiba Inu Soars 4% as Whale Activity Spikes – What Does This Mean for SHIB’s Future?
Harvey Hunter is a Junior Content Creator at Cryptonews.com. With a background in Computer Science, IT, and Mathematics, he seamlessly transitioned from tech geek to crypto journalist.
The Shiba Inu price has cooled down somewhat after a significant upward move earlier this morning, now standing at a 2.19% gain over the past 24 hours. Significantly, metrics reveal that this was primarily driven by whales.
Indeed, it appears that whales are capitalizing on Shiba Inu’s lows since last week’s crash, pushing it out of its downturn. It’s now down just 0.66% since last Tuesday – though other notable meme coins have seen greater gains.
These significant inflows have sparked a flurry of trader activity. The meme coin’s trading volume has surged 44.95% to $170.86 million over the past 24 hours.
Amid this recovery, Shiba Inu whales are at the forefront of the movement.
The total number of large transactions has surged over 68% in the past 24 hours, totalling $24.97 million, according to IntoTheBlock data.
A closer look at the SHIB price chart shows that this whale activity has triggered a breakout.
SHIB has now emerged from its falling wedge pattern, moving away from the volatility it experienced during a period of fear, uncertainty, and doubt (FUD).
The selling pressure that confined SHIB within the narrow range of the pattern has unwound, as reflected by a shift in momentum indicators.
The Relative Strength Index (RSI) has shown resilience, maintaining its position in positive territory after struggling to break neutral for some time, currently at 60. Although still neutral, it exhibits a bullish bias.
Likewise, the Chaikin Money Flow (CMF) carries a similar message, now at +0.2. Buying pressure has taken the edge, reinforcing a more
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