Shiba

2024

Strong

Shiba Inu

Spot

<p>Shiba Inu (SHIB) has also joined other altcoins in the recent run-up within the broader cryptocurrency market. As a result, the <a href="https://coingape.com/price/shiba-inu/" target="_blank" rel="noopener noreferrer nofollow">SHIB price</a> has surged by 10% in the last 24 hours, as an early Shiba Inu whale reawakens after nearly three years of inactivity, buying a massive 323 billion SHIB coins within hours.</p>
<h3 id="shiba-inu-shib-whale-accumulation">Shiba Inu (SHIB) Whale Accumulation</h3>
<p>Blockchain surveillance platform Spot on Chain highlighted the recent activities of a significant whale. This whale address originally received 167 billion SHIB in April 2021, eight months after Shiba Inu’s launch, from one of the earliest whales to interact with SHIB.</p>
<p>At the time of Spot on Chain’s report, the whale had acquired 149.3 billion SHIB using around 1,000 wrapped Ethereum (WETH) valued at $3.83 million. Following the report, the whale continued to purchase, acquiring an additional 173 billion SHIB.</p>
<blockquote class="twitter-tweet">
 <p dir="ltr" lang="en">An early buyer-linked whale just swapped 1K <a rel="noopener noreferrer nofollow" href="https://twitter.com/search?q=%24WETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$WETH</a> ($3.83M) for 149.3 <a rel="noopener noreferrer nofollow" href="https://twitter.com/search?q=%24SHIB&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SHIB</a> in the past hour!</p>
 <p>The whale’s last <a rel="noopener noreferrer nofollow" href="https://twitter.com/search?q=%24SHIB&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SHIB</a> activity was selling 167B <a rel="noopener noreferrer nofollow" href="https://twitter.com/search?q=%24SHIB&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SHIB</a> ($6.13M) 3 years ago. These tokens were received from a super early buyer who bought 5.16T <a rel="noopener noreferrer nofollow" href="https://twitter.com/search?q=%24SHIB&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SHIB</a> with only 45 <a rel="noopener noreferrer nofollow" href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> ($63.7K) on Mar… <a rel="noopener noreferrer nofollow" href="https://t.co/ZrFkYZwtEB">pic.twitter.com/ZrFkYZwtEB</a></p>
 <p>— Spot On Chain (@spotonchain) <a rel="noopener noreferrer nofollow" href="https://twitter.com/spotonchain/status/1798184990020444554?ref_src=twsrc%5Etfw">June 5, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p>By the end of these transactions, the whale had exchanged 2,188 WETH for 323 billion Shiba Inu tokens worth $8.29 million within three hours. As of the latest update, the whale has not sold or distributed any of these tokens, maintaining a balance of 323 billion SHIB.</p>
<h3 id="shib-price-crosses-crucial-resistance">SHIB Price Crosses Crucial Resistance</h3>
<p>As of press time, the Shiba Inu (SHIB) price is trading 9.53% up at $0.00002616 with its market cap of over $15.4 billion. Also, the daily trading volumes have surged by 16% crossing past $763 million. Another major catalyst is the <a href="https://coingape.com/shiba-inu-burn-rate-skyrockets-16600-whats-next-for-shib-price/" target="_blank" rel="noopener noreferrer nofollow">Shiba Inu (SHIB) burn rate</a> surge which could boost the price further.</p>
<p>More importantly, the Shiba Inu (SHIB) price has crossed the 50-day EMA at $<a rel="noopener noreferrer nofollow" href="https://app.intotheblock.com/coin/SHIB/deep-dive?group=financials&amp;chart=inAndOut">0.000025.</a> However, this doesn’t guarantee the uptrend as of now. SHIB needs to convert the $0.00003 price level from resistance to support to maintain its uptrend. Failure to do so could result in a drop below the 50-day EMA.</p>
<p>However, reclaiming $0.00003 will be challenging. Data from IntoTheBlock shows a significant sell wall at this level, with 124,220 addresses holding 92.2 trillion SHIB tokens purchased between $0.000025 and $0.00003.</p>
<figure id="attachment_200618" aria-describedby="caption-attachment-200618" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-200618" src="https://coingape.com/wp-content/uploads/2024/06/Shiba-Inu-SHIB-Sell-Wall.png" alt="" width="1505" height="517" srcset="https://coingape.com/wp-content/uploads/2024/06/Shiba-Inu-SHIB-Sell-Wall.png 1505w, https://coingape.com/wp-content/uploads/2024/06/Shiba-Inu-SHIB-Sell-Wall-300x103.png 300w, https://coingape.com/wp-content/uploads/2024/06/Shiba-Inu-SHIB-Sell-Wall-1224x420.png 1224w, https://coingape.com/wp-content/uploads/2024/06/Shiba-Inu-SHIB-Sell-Wall-768x264.png 768w, https://coingape.com/wp-content/uploads/2024/06/Shiba-Inu-SHIB-Sell-Wall-150x52.png 150w" sizes="(max-width: 1505px) 100vw, 1505px">
 <figcaption id="caption-attachment-200618" class="wp-caption-text">
  Courtesy: <a rel="noopener noreferrer nofollow" href="https://app.intotheblock.com/coin/SHIB/deep-dive?group=financials&amp;chart=inAndOut" target="_blank">IntoTheBlock</a>
 </figcaption>
</figure>
<p>These holders tend to sell at breakeven when SHIB approaches this price, increasing selling pressure and hindering a breakout. For Shiba Inu to successfully breach $0.00003, a resurgence in accumulation is necessary to counteract this selling pressure.</p>
<p>The post <a href="https://coingape.com/shiba-inu-shib-price-surges-10-amid-strong-whale-purchase-whats-next/" rel="noopener noreferrer nofollow">Shiba Inu (SHIB) Price Surges 10% Amid Strong Whale Purchase, What’s Next?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.</p>

Shiba Inu (SHIB) Price Surges 10% Amid Strong Whale Purchase, What’s Next?

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