Shiba Inu

In this <a href="https://news.todayq.com/bitcoin-blasts-past-71k-is-fed-rate-cut-fueling-this-rocket/" rel="noopener noreferrer nofollow">bullish market sentiment</a>, it seems that crypto investors and traders are gaining more confidence in the crypto-meme industry, as overall meme sectors have massively gained in the last 24 hours. On June 5, 2024, an on-chain analytics firm Lookonchain made a post on X (previously Twitter) stating that a SHIB whale recently bought a massive 715.9 billion Shiba Inu (SHIB) tokens during Asian trading hours. Is this a Bullish signal for SHIB? 
According to theLookonchain post, this whale spent 4,849 Ethereum (ETH) worth $18.44 million to purchase this massive 715.9 billion SHIB tokens. Following this significant SHIB purchase, other whales also became active. Following the massive interest on June 5, 2024, the SHIB token price soared more than 10%. This massive whale interest is observed from CoinMarketCap, as the 24-hour trading volume has surged by 33%, currently standing at $851 million. 
Besides this recent purchase, Lookonchain data highlights that this whale is heavily trading SHIB tokens. During the earlier stage, this whale spent only $400K and bought 5.5 trillion SHIB tokens, then sold it for $121 million when the SHIB price reached its peak. Looking at the data, it is clear that this Whale has made more than $120 million on SHIB. Additionally, the recent purchase highlights the bullish sentiment for SHIB tokens.
As of now, SHIB is trading near $0.0000261 and has gained a massive 10% upside move in the last 24 hours. However, this massive upside move is what SHIB has experienced after several weeks. If we look at the performance of the SHIB token over a longer period, in the last 7 days, it experienced a 5% downside momentum, whereas in the last 30 days, the SHIB token price remained stable and saw a 5% upside move. SHIB technical analysis and key levels 
According to expert technical analysis, SHIB is looking bullish and is now heading towards a major resistance zone near $0.0000283. With this bullish sentiment, SHIB may surge more than 10% in the coming days. On the daily time frame, SHIB has already given a breakout of the bullish flag and pole price action patterns. As per the price action, if SHIB breaches the upcoming resistance near $0.0000283, it has the potential to surge by 60%.
Besides SHIB, other meme coins are also experiencing massive upside moves. Top meme tokens like DOGE, WIF, FLOKI, and BONK have also seen significant price increases in the last 24 hours. According to CoinMarketCap, DOGE, WIF, FLOKI, and BONK experienced price surges of 4%, 10%, 25%, and 8%, respectively, in the last 24 hours.

Smart trader buys 716 billion SHIB tokens, is this a bullish signal?

Todayq News

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